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

Hopkinton is located 26 miles southwest of Boston. The town provides a biotech friendly environment easily accessible from both Boston and Providence airports.

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

Alseres Pharmaceuticals, Inc. 239 South Street Hopkinton, MA 01748 Tel: (508) 497-2360 Fax: (508) 497-9964

The current Company website and staff email addresses will remain the same:

Website: http://www.alseres.com

Information Request Email: IR@alseres.com

About Alseres Pharmaceuticals

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system (CNS). The Company maintains a world-class intellectual property position in the field of regenerative therapeutics. The Company's energy and focus is reflected in several important initiatives. Cethrin, a recombinant-protein-based drug designed to promote nerve repair after acute spinal cord injury, demonstrated positive interim results in a Phase I/IIa clinical trial. The Company's research and pre-clinical programs include, Inosine for the treatment of spinal cord injury and stroke, Oncomodulin for the treatment of ocular injury and disease and research programs directed at a number of regenerative therapies including bone repair. The Company has a robust molecular imaging development program targeting diagnosis of Parkinson's disease and potentially dementia. The Company's lead molecular imaging product candidate is Altropane which is in Phase III clinical trials for the diagnosis of Parkinsonian Syndromes including Parkinson's Disease. The Company has research collaborations with Harvard Medical School and Children's Hospital Boston.

Forward-Looking Statements

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 and regenerative therapeutics programs, 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 June 30, 2008 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. Alseres, Cethrin and Altropane are registered trademarks of Alseres Pharmaceuticals, Inc.

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

Adam Friedman Associates Adam Friedman - 212-981-2529 ext. 18 adam@adam-friedman.com

Source: Alseres Pharmaceuticals, Inc.