Alseres Pharmaceuticals, Inc.'s Chairman, Peter Savas, Reviews Company's Progress in its Annual Letter to St...( HOPKINTON Mass. June 12 /- Alsere...),Health

HOPKINTON, Mass., June 12 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) released a letter to stockholders from Peter G. Savas, Chairman and Chief Executive Officer, in conjunction with the company's annual stockholders meeting. The letter which follows, summarizes the Company's progress and describes its strategy going forward.
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The text follows:

Dear Stockholders:

I would like to review the major accomplishments of the past year and provide some insight into our strategy going forward. Last year I stated that we would continue with our plans to transform Alseres into a leading nerve repair company. Our 2007 results reflect our continued progress towards realizing commercial value from our new product pipeline.

-- Alseres' Cethrin(R) is the world's leading clinical stage nerve repair

product. Cethrin Phase I/IIa interim results demonstrated promising

neurological recovery in the first 37 enrolled patients. In January

2008, enrollment in the Phase I/IIa trial concluded with a total of 48

patients. Based on interim results, Alseres intends to move forward

with its Cethrin Phase IIb trial in the second half of 2008. After

discussions with regulatory authorities and expert advisors we were

able to reduce the planned size of the IIb trial from 200 patients to a

maximum of 100. This significantly reduced the time and funding

required to complete the Phase IIb trial. We plan to initiate the

Phase IIb trial at up to 80 sites in the United St
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