Genaera Corporation Announces 2008 Financi...( PLYMOUTH MEETING Pa. March 3 /- Genae...),Health

PLYMOUTH MEETING, Pa., March 3 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced its financial results for the year and quarter ended December 31, 2008. The net loss for the year ended December 31, 2008 was $16.0 million, or $(0.92) per share basic and diluted, as compared to a net loss of $15.7 million, or $(0.90) per share basic and diluted, for the year ended December 31, 2007. The net loss for the quarter ended December 31, 2008 was $3.6 million, or $(0.20) per share basic and diluted, as compared to a net loss of $5.8 million, or $(0.33) per share basic and diluted, for the quarter ended December 31, 2007. The loss from operations for the year and quarter ended December 31, 2008 was $16.7 million and $3.6 million, respectively, as compared to $17.2 million and $6.1 million for the same periods in 2007.

Genaera's research and development expenses for the year and quarter ended December 31, 2008 were $11.7 million and $2.2 million, respectively, compared to $13.1 million and $3.6 million, respectively, for the same periods in 2007. The decrease in research and development expenses for the year ended December 31, 2008 as compared to the same period in 2007 was primarily due to a decrease in clinical, manufacturing and personnel costs as a result of the discontinuation of the EVIZON(TM) (squalamine lactate) program for the treatment of wet age-related macular degeneration and the LOMUCIN(TM) program for the treatment of cystic fibrosis in 2007. This decrease was partially offset by an increase in clinical and third-party contract research expenses related to the trodusquemine (MSI-1436) program for the treatment of type 2 diabetes and obesity and an increase in indirect expenses as a result of an increase in stock-based compensation expense, partially offset by decreases in various other expenses.

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