Alseres Pharmaceuticals, Inc. Reports Third Quarter 2007 Financial Results and Provides Development Pipeline Update
"Alseres had a productive third quarter with respect to advancing ourregenerative therapeutics programs and our molecular imaging diagnosticsfamily of product candidates," said Peter G. Savas, Chairman and ChiefExecutive Officer of Alseres. "Both of our clinical development programs areproceeding according to plan: We are on track to complete the Phase I/IIatrial of Cethrin by the end of 2007 or early 2008. We are also on track tobegin our POET II Phase III trial program for ALTROPANE(R) by the end of theyear. Our key objectives for 2008 include launching our Phase IIb, placebocontrolled trial of Cethrin in the US, Canada and Europe; partnering ourmolecular imaging diagnostics program; advancing a number of pre-clinicalregenerative therapeutics programs; and, partnering selected regenerativetherapeutics programs that are outside our primary area of interest, nerverepair."
Cash, cash equivalents and marketable securities at September 30, 2007totaled $8.2 million as compared to $1.5 million at December 31, 2006.Convertible notes payable at September 30, 2007 totaled $23.2 million ascompared to $8.0 million at December 31, 2006.
Third quarter 2007 net loss attributable to common stockholders was $4.7million, or $0.23 per share as compared to a net loss attributable to commonstockholders of $4.0 million, or $0.24 per share, in the third quarter of2006.
Research and development (R&D) expenses totaled $2.5 million in the thirdquarter of 2007 as compared to $2.2 million in the third quarter of 2006. Theincrease in R&D expenses was primarily due to higher headcount and CETHRINclinical costs offset by lower costs in our molecular imaging program.
General and administrative (G&A) expenses were $2.0 million for the thirdquarter of 2007 as compared to $1.9 million in the third quarter of 2006. Theincrease in G&A expenses was primarily related to higher commercialization andcommunication costs offset by lower costs related to our collaboration andfundraising efforts.
Conference Call Access Information
The company will host a conference call to discuss results on, November15, 2007, at 10:00 a.m. Eastern Standard Time. The call can be accessed bydialing 877-741-4239 (or 719-325-4839 for international participants) at leastfive minutes prior to the start of the call. The participant pass code is3796954. A replay of the call will be posted on the Investor Relationssection of the website, www.alseres.com, within 48 hours following theconference call and will be available through Thursday, November 29, 2007.
About Alseres Pharmaceuticals, Inc.
Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) is a biotechnology companyengaged in developing breakthrough regenerative therapeutics to treattraumatic injuries and degenerative diseases. The Company maintains a world-class intellectual property position in the field of regenerativetherapeutics. Our energy and focus is reflected in several importantinitiatives. Cethrin(R), a recombinant-protein-based drug designed to promotenerve repair after acute spinal cord injury, demonstrated positive interimresults in a Phase I/IIa clinical trial. The Company's research and pre-clinical programs include, Inosine for the treatment of spinal cord injury andstroke, Oncomodulin for the treatment of ocular injury and disease andresearch programs directed at a number of regenerative therapies includingbone repair. The company has a robust molecular imaging development programtargeting diagnosis of Parkinson's disease and potentially dementia and ADHD.Our lead product candidate is ALTROPANE(R) which is in Phase III clinicaltrials for the diagnosis of P
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