ALSERES Pharmaceuticals, Inc. Raises $10 Million

HOPKINTON, Mass., Aug. 14 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. today announced that it entered into a second amendment to the amended Convertible Promissory Note Purchase Agreement dated May 1, 2007, among Robert L. Gipson, Thomas Gipson, Arthur Koenig and Highbridge Capital Management LLC (each a "Purchaser"). The agreement provides for (i) the Company to borrow up to $10 million from Ingalls & Snyder Value Partners, L.P., a new Purchaser, and (ii) certain registration rights for all Purchasers. All other terms of the agreement remained the same.

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Kenneth Rice, the Company's Executive Vice President & Chief Financial Officer commented, "We are pleased to have Ingalls & Snyder Value Partners as a stakeholder in the growth of Alseres. These additional funds will enable us to continue to advance our clinical programs and our on-going partnering activities for our molecular imaging assets. We are grateful to Ingalls & Snyder Value Partners, the Gipson's, Mr. Koenig and Highbridge Capital for their support of this amendment and their continued support of our mission and programs."

According to a Schedule 13G/A filed with the Securities and Exchange Commission (the "SEC") on June 12, 2007, Robert L. Gipson beneficially owned approximately 25.1% of the outstanding common stock of the Company on June 11, 2007. Robert L. Gipson, who serves as a General Partner of Ingalls & Snyder Value Partners, L.P., served as a director of the Company from June 15, 2004 until October 28, 2004. According to a Schedule 13G/A filed with the SEC on June 12, 2007, Thomas L. Gipson beneficially owned approximately 25.1% of the outstanding common stock of the Company on June 11, 2007. According to a Schedule 13G/A filed with the SEC on February 12, 2007, Arthur Koenig beneficially owned approximately 5.6% of the outstanding common stock of the Company on December 31, 2006.

About Alseres Pharmaceuticals, Inc.

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the research and development of diagnostic and therapeutic products for central nervous system (CNS) disorders. Cethrin(R), a recombinant-protein-based drug designed to promote nerve repair and restore movement and sensory function after acute spinal cord injury, has reported positive interim results in a Phase I/IIa clinical trial. ALTROPANE(R), a molecular imaging agent, is in Phase III clinical trials for the diagnosis of Parkinson's Disease (PD). The Company's research and pre-clinical CNS programs include Inosine for the treatment of spinal cord injury and stroke, a DAT blocker for the treatment of PD, and a second generation technetium-based molecular imaging agent for PD and attention deficit hyperactivity disorder (ADHD). Alseres' current research collaborations include Harvard Medical School and Children's Hospital Boston.

Safe Harbor

The foregoing release contains certain forward-looking statements within the 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 the future, including the development and commercialization of ALTROPANE and Cethrin, the prospects of the Company's CNS therapeutics program, the Company's strategies to develop and commercialize axon regeneration technologies and the breadth of the 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 be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Alseres from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Alseres is providing the information in this press release as of this date and assumes no obligations to update the information in this press release.

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CONTACT: Sharon Correia of Alseres Pharmaceuticals, Inc., +1-508-497-2360ext. 224, scorreia@alseres.com

Web site: http://www.alseres.com/