GENAERA CORPORATION ANNOUNCES FIRST QUARTER FINANCIAL RESULTS

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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