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Genaera Discontinues Lomucin in Cystic Fibrosis Studies

Genaera Corporation announced that, in conjunction with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT), both parties have agreed for reasons of futility to discontinue the Phase 2 study of LOMUCIN(TM) for the treatment of cystic fibrosis (CF). Genaera also announced that the Phase 2 study of squalamine in prostate cancer, which is an investigator-initiated study funded by the Department of Defense, will also be discontinued.

"Earlier this year we redefined our business strategy and committed to focus our efforts on our two core assets, trodusquemine (MSI-1436) for obesity and the anti-IL-9 (MEDI-528) program licensed to MedImmune, Inc. for the treatment of asthma, and continue efforts to monetize our non-core assets. Our announcement today is consistent with that strategy and serves as validation that we are executing upon it," stated Jack Armstrong, President and CEO of Genaera.

Mr. Armstrong continued, "We continue to be very encouraged by the progress of the MEDI-528 Phase 2 program in asthma. This is an asset that is below the radar screen of many, and we believe has greater present and future value than is currently recognized by the market. Separately, our trodusquemine Phase 1 study in obesity is progressing nicely through the initial cohorts in Study 101 to test safety and PK. We believe this program, in addition to anti-IL-9, will generate significant additional interest in the Company in the near future as additional data becomes available."

As a result of the joint decision to terminate the LOMUCIN study, the CFFT has agreed to final financial details of the award agreement to support the evaluation of LOMUCIN in subjects with CF. Genaera will receive a final milestone payment in the amount of $100,000 and will not be required to refund any portion of the award previously received from the CFFT. As a result of termination, the Company will recognize revenue of $2,102,000 of which $2,002,000 was previously r
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