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Genaera Corporation Announces 2008 Financial Results
Date:3/3/2009

of a number of risk factors, including, but not limited to the risks and uncertainties discussed in Genaera's filings with the U.S. Securities and Exchange Commission, all of which are available from the Commission in its EDGAR database at www.sec.gov as well as from other sources. You are encouraged to read these reports. Given the uncertainties affecting development stage pharmaceutical companies, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Genaera does not intend (and it is not obligated) to publicly update, revise or correct these forward-looking statements or the risk factors that may relate thereto.


                                 GENAERA CORPORATION
                             STATEMENTS OF OPERATIONS
                         (In thousands, except per share data)
                                     (Unaudited)

                                  Year Ended                Quarter Ended
                                  December 31,               December 31,
                              2008           2007         2008         2007
                              ----           ----         ----         ----
    Revenues                $1,489         $2,737          $43          $76
                            ------         ------          ---          ---

    Costs and expenses:
      Research and
       development          11,651         13,097        2,174        3,640
      General and
       administrative        6,499          6,792        1,472        2,534
                             -----          -----        -----        -----
                            18,150         19,889        3,646        6,174
                            ------         ------        -----        
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SOURCE Genaera Corporation
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