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

----- Loss from operations (16,661) (17,152) (3,603) (6,098) Interest income 391 1,278 46 268 --- ----- -- --- Loss before income taxes (16,270) (15,874) (3,557) (5,830) -------- -------- ------- ------- Income tax benefit 281 147 -- -- --- --- --- --- Net loss $(15,989) $(15,727) $(3,557) $(5,830) ========= ========= ======== ======== Net loss per share - basic and diluted $(0.92) $(0.90) $(0.20) $(0.33) ========= ========= ======== ======== Weighted average shares outstanding - basic and diluted 17,464 17,452 17,465 17,461 ====== ====== ====== ======
                              CONDENSED BALANCE SHEETS
                                   (In thousands)
                                     (Unaudited)

                                        December 31, 2008    December 31, 2007
                                        -----------------    -----------------

    Cash, cash equivalents and
     short-term investments                   $8,064              $20,900
    Prepaid expenses and other
     current assets                              226                  356
    Fixed assets, net                            146                  374
    Other assets                                  --                   56
                                              ------               ------
       Total assets                       
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SOURCE Genaera Corporation
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