GENAERA CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

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Genaera Corporation GENR today announced its financial results for the quarter ended March 31, 2006. The net loss for the quarter ended March 31, 2006 was $7.4 million, or $(0.11) per share basic and diluted, as compared to a net loss of $5.3 million, or $(0.09) per share basic and diluted, for the quarter ended March 31, 2005.

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