Acusphere Inc (ACUS) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2008

Exhibit 99.1

FOR IMMEDIATE RELEASE

Acusphere, Inc. Reports Q3 2008

Financial Results and Business Highlights

WATERTOWN, MA., November 10, 2008 — Acusphere, Inc. (NASDAQ: ACUS) today reported financial results for the third quarter ended September 30, 2008 and commented on its financial results and business highlights.

Recent Developments

Following the close of the third quarter, Acusphere announced a definitive agreement with Cephalon, Inc. to provide Acusphere with $20.0 million in upfront financing through the issuance of a $15.0 million senior secured convertible note and a $5.0 million upfront fee for an exclusive worldwide license to AI-525, a preclinical-stage injectable formulation of celecoxib using Acusphere’s proprietary Hydrophobic Drug Delivery System (HDDS™) technology. The transaction closed on November 3, 2008.

The Company also announced the transfer of the listing of its common stock to the Nasdaq Capital Market from the Nasdaq Global Market, effective October 29, 2008, and was granted additional time by NASDAQ to regain compliance with certain listing standards.

Business Priorities

Acusphere’s key priority is moving ahead with all aspects of the regulatory review of its lead product candidate, Imagify^TM (Perflubutane Polymer Microspheres) for Injectable Suspension, a cardiovascular drug for the detection of coronary artery disease, including preparations for the U.S. Food & Drug Administration (FDA) Advisory Committee meeting scheduled for December 10, 2008.

Acusphere has submitted to FDA a briefing document for the Advisory Committee and the FDA is in the process of preparing its own briefing document, both of which will become available to the public shortly before the Advisory Committee meeting. Acusphere’s briefing document summarizes product efficacy, diagnostic utility and product safety in the intended patient population as well as strategies to minimize concerns about potential off-label usage and safety issues that may arise when more patients are exposed to Imagify upon commercialization. In addition, preparations continue for the FDA pre-approval site inspection, which the Company believes will occur in late 2008 or early 2009.  The Company also continues to support the Marketing Authorization Application