HOPKINTON, Mass., May 14 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. today reports operational and financial results for the quarter ended March 31, 2008 and provides further information for fiscal year 2008. Recent highlights include:
"Our programs continue to show promising progress," said Peter G. Savas, Chairman and Chief Executive Officer of Alseres. "We are encouraged by the unprecedented sensory and motor recovery seen in patients treated with Cethrin in our Phase I/IIa clinical trial. Key opinion leaders with whom we have spoken are highly impressed by the efficacy findings in the study. Armed with these results and after discussions with regulatory authorities and expert advisors, we were able to reduce the planned size of our Phase IIb clinical trial from 200 patients to a maximum of 100 patients providing us with potential time savings and cost reductions."
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"We plan to start this trial in acute cervical spinal cord injury patients in the second half of this year," Savas noted. "Our recent agreement to improve the terms of the Cethrin license may represent a major step forward for Alseres in realizing the full value of our Cethrin spinal cord program and our Rho inhibitor technology platform and may open up key partnering opportunities."
Conference Call Access Information
The company will host a conference call to discuss results on, May 15, 2008, at 9:00 a.m. Eastern Daylight Time. To access the conference call, please dial 877-795-3649 for domestic and 719-325-4817 international. The code for this conference call is 1073493. Please dial in 5 to 10 minutes prior to the scheduled start time. A replay of the call will be posted on the Investor Relations section of our website, www.alseres.com, within 48 hours following the conference call and will be available through Thursday, May 29th, 2008.
About Alseres Pharmaceuticals, Inc.
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 Annual Report on Form 10-K for the year ended December 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.
Alseres is a trademark and Cethrin and Altropane are registered trademarks of Alseres Pharmaceuticals, Inc.
CONTACT: Sharon Correia of Alseres Pharmaceuticals, Inc., +1-508-497-2360
ext. 224, scorreia@alseres.com; or Adam Friedman of Adam Friedman
Associates, +1-212-981-2529 ext. 18, adam@adam-friedman.com
Web site: http://www.alseres.com//
