Alseres Pharmaceuticals, Inc. (ALSE) Announces $1 Million Financing

January 13, 2009 9:23 AM EST

Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) announced that on January 8, 2009 it entered into a securities purchase agreement with Robert Gipson for the private placement of 1,000,000 shares of common stock of the Company at a purchase price of $1.00 per share.

The financing resulted in total gross proceeds of $1 million. In connection with the Agreement, Mr. Gipson agreed to the cancellation of a warrant previously issued to him to purchase 543,478 shares of common stock of the Company at a purchase price of $1.84 per share. Alseres Pharmaceuticals intends to use the net proceeds from this private placement to fund its research and development programs and otherwise for general corporate purposes.

In connection with the Agreement, the Company issued an additional 456,522 shares of its common stock to Mr. Gipson pursuant to a Letter Agreement (the "Letter Agreement") between the Company and Mr. Gipson dated November 20, 2008.

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Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system (CNS).

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