Alseres Pharmaceuticals, Inc. Announces $1 Million Financing

Saturday, November 22, 2008 General News
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HOPKINTON, Mass., Nov. 21 AlseresPharmaceuticals, Inc. (Nasdaq: ALSE), today announced that it has entered intoa securities purchase agreement with Robert Gipson for the private placementof 543,478 shares of common stock of the Company, together with warrants topurchase 543,478 additional shares of common stock at an exercise price of$1.84 per share, for a total purchase price of $1.84 per share. The financingresulted in total gross proceeds of $1 million. The Company intends to usethe net proceeds from this private placement to fund its research anddevelopment programs and otherwise for general corporate purposes.

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The securities offered and sold by Alseres in this private placement havenot been registered under the Securities Act of 1933, as amended (the"Securities Act"), or state securities laws and may not be offered or sold inthe United States absent registration with the Securities and ExchangeCommission ("SEC") or an applicable exemption from registration requirements.Alseres has agreed to file a registration statement with the SEC coveringresale of the shares of common stock and the shares of common stock issuableupon exercise of the warrants issued in the private placement.

This notice is issued pursuant to Rule 135c under the Securities Act andshall not constitute an offer to sell or the solicitation of an offer to buy,nor shall there be any sale of these securities in any state in which suchoffer, solicitation or sale would be unlawful prior to the registration orqualification under the securities laws of any such state.

About Alseres Pharmaceuticals, Inc.

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 Company's ability to obtain financing, the developmentand commercialization of Altropane and Cethrin, the prospects of the Company'sCNS and regenerative therapeutics programs, the Company's strategies todevelop and commercialize axon regeneration technologies and the breadth ofthe Company's technologies and intellectual property portfolio. Forward-looking statements can be identified by terminology such as "anticipate,""believe," "could," "could increase the likelihood," "estimate," "expect,""intend," "is planned," "may," "should," "will," "will enable," "would beexpected," "look forward," "may provide," "would" or similar terms, variationsof such terms or the negative of those terms. Such forward-looking statementsinvolve known and unknown risks, uncertainties and other factors includingthose risks, uncertainties and factors referred to in the Company's QuarterlyReport on Form 10-Q for the quarter ended September 30, 2008 filed with theSecurities and Exchange Commission under the section "Risk Factors," as wellas other documents that may be filed by Alseres from time to time with theSecurities and Exchange Commission. As a result of such risks, uncertaintiesand factors, the Company's actual results may differ materially from anyfuture results, performance or achievements discussed in or implied by theforward-looking statements contained herein. Alseres is providing theinformation in this press release as of this date and assumes no obligationsto update the information in this press release.

Alseres, Cethrin and Altropane are registered trademarks of AlseresPharmaceuticals, Inc.Contact: Sharon Correia -- 508-497-2360 ext. 224 Alseres Pharmaceuticals, Inc.

SOURCE Alseres Pharmaceuticals, Inc.

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