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Alseres Shares Begin Trading on the Pink Sheets OTC Market
Date:5/7/2009

HOPKINTON, Mass., May 7 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE; Alseres) announced today that effective on Friday, May 8, 2009 trading in its shares on the NASDAQ Capital Market will be suspended. Effective at the same time, Alseres common stock will be available for quotation on the Pink Sheets under the ticker ALSE. Alseres will also seek to have its common stock traded on the OTC bulletin board.

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"Given the ongoing financial crisis and limited access to capital for small cap companies, maintaining our listing on NASDAQ has required more and more of our resources, both financially and in terms of management focus," said Peter Savas, CEO of Alseres. "After careful consideration of the requirements of the NASDAQ appeal process, our board and management decided not to pursue an appeal to the delisting notification received by Alseres on April 9, 2009 because Alseres believes that an appeal will ultimately be unsuccessful. Further, the costs and burdens of compliance with the NASDAQ Marketplace Rules pending such an appeal could work to inhibit the company's ability to complete the financing necessary to fund its development efforts and ongoing operations. We are seeking a listing on the OTCBB, which we believe will provide a reasonable trading market for our shares. In the interim, our common stock will be quoted on the Pink Sheets OTC market."

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SOURCE Alseres Pharmaceuticals, Inc.
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