Alseres Pharmaceuticals, Inc. Reports Second Quarter 2008 Operational and Financi... ( -- Cash cash equivalents and marketab...)

Alseres Pharmaceuticals, Inc. Reports Second Quarter 2008 Operational and Financial Results

Date:8/13/2008

-- Cash, cash equivalents and marketable securities at June 30, 2008 totaled $5.4 million as compared to $4.2 million at December 31, 2007. Convertible notes payable totaled $33.2 million at June 30, 2008 as compared to $23.3 million at December 31, 2007.

-- Net loss attributable to common stockholders was $6.1 million, or $0.29 per share, for the second quarter of 2008, as compared to $5.3 million, or $0.30 per share, in the second quarter of 2007.

-- Research and development (R&D) expenses totaled $3.6 million in the second quarter of 2008 as compared to $2.7 million in the second quarter of 2007. The increase in R&D expenses was primarily due to higher Cethrin clinical costs offset by lower compensation and related costs.

-- General and administrative (G&A) expenses totaled $2.0 million for the second quarter of 2008 as compared to $2.5 million in the second quarter of 2007. The decrease in G&A expenses was primarily related to lower costs related to our collaboration and fundraising efforts.

Alseres Pharmaceuticals Upcoming Milestones

-- The Company is currently identifying and finalizing contracts with appropriate sites and investigators for the Phase IIb Cethrin study expected to commence in the first quarter of 2009.

-- Twelve month interim data for the Phase I/IIa clinical trial of Cethrin will be presented at two upcoming medical/scientific meetings: Force Health Protection, August 11-15, 2008, Albuquerque, NM and the International Spinal Cord Society (ISCoS) Annual Meeting, September 1-4, 2008, Durban, South Africa. Preclinical data on Rho inhibitors in bone regeneration will be presented at the Australian and New Zealand Bone and Mineral Society Annual Meeting, August 28-30, 2008, Melbourne, Australia.

-- We will continue enrollment in the first part of the POET-2 Phase III clinical trial for our Altropane molecular imaging agent.

-- We are pursuing development and commercialization partnerships
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Alseres Pharmaceuticals, Inc. Reports Second Quarter 2008 Operational and Financi...( -- Cash cash equivalents and marketab...),Health