Alseres Pharmaceuticals Consolidates Its Offices and Moves into New Headquarters

Tuesday, August 19, 2008 General News
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HOPKINTON, Mass., Aug. 19 AlseresPharmaceuticals, Inc. (Nasdaq: ALSE) today announced that following theexpiration of its current leases it will consolidate its offices to a newheadquarters in Hopkinton, Massachusetts.

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"With the lease for the Hopkinton and Woburn offices expiringconcurrently, we decided to consolidate our offices under one roof. The newoffices will be located at 239 South Street Hopkinton, MA. This facility willprovide Alseres with increased flexibility and expansion potential if needed,"commented Kenneth L. Rice, Jr., Alseres' Chief Financial Officer. "The newfacility provides very attractive economics relative to the market, a 3-yearrenewable lease, and is expected to continue to reduce on-going overheadexpenses for facility operation which we believe will allow a greater share offinancial resources to be devoted to program and business development."

Hopkinton is located 26 miles southwest of Boston. The town provides abiotech friendly environment easily accessible from both Boston and Providenceairports.

The Company's new postal address and main phone number for all employeesas of August 25, 2008 are as follows:

The current Company website and staff email addresses will remain thesame:

About Alseres Pharmaceuticals

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development oftherapeutic and diagnostic products primarily for disorders in the centralnervous system (CNS). The Company maintains a world-class intellectualproperty position in the field of regenerative therapeutics. The Company'senergy and focus is reflected in several important initiatives. Cethrin, arecombinant-protein-based drug designed to promote nerve repair after acutespinal cord injury, demonstrated positive interim results in a Phase I/IIaclinical trial. The Company's research and pre-clinical programs include,Inosine for the treatment of spinal cord injury and stroke, Oncomodulin forthe treatment of ocular injury and disease and research programs directed at anumber of regenerative therapies including bone repair. The Company has arobust molecular imaging development program targeting diagnosis ofParkinson's disease and potentially dementia. The Company's lead molecularimaging product candidate is Altropane which is in Phase III clinical trialsfor the diagnosis of Parkinsonian Syndromes including Parkinson's Disease.The Company has research collaborations with Harvard Medical School andChildren's Hospital Boston.

Forward-Looking Statements

The foregoing release contains certain forward-looking statements withinthe meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Alseres' future expectations,beliefs, intentions, goals, strategies, plans or prospects regarding thefuture, including the development and commercialization of Altropane andCethrin, the prospects of the Company's CNS and regenerative therapeuticsprograms, the Company's strategies to develop and commercialize axonregeneration technologies and the breadth of the Company's technologies andintellectual property portfolio. Forward-looking statements can be identifiedby terminology such as "anticipate," "believe," "could," "could increase thelikelihood," "estimate," "expect," "intend," "is planned," "may," "should,""will," "will enable," "would be expected," "look forward," "may provide,""would" or similar terms, variations of such terms or the negative of thoseterms. Such forward-looking statements involve known and unknown risks,uncertainties and other factors including those risks, uncertainties andfactors referred to in the Company's Quarterly Report on Form 10-Q for thequarter ended June 30, 2008 filed with the Securities and Exchange Commissionunder the section "Risk Factors," as well as ot

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