Exhibit 99.1
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Contact:
    John L. McManus
    President and Chief Executive Officer
    (949) 481-9825

Aeolus Pharmaceuticals Announces Fiscal Year 2007 Financial Results
 
Laguna Niguel, California, December 13, 2007 -- Aeolus Pharmaceuticals, Inc. (OTC Bulletin Board: AOLS) announced today financial results for the three months and twelve months ended September 30, 2007.  The Company reported a net loss of $1,022,000, or $0.03 per share, compared to a loss of $214,000, or $0.01 per share, for the three months ended September 30, 2006.  Results for the three months ended September 30, 2006 included a $1,211,000 gain from the decrease in the fair value of common stock warrants.  The Company reported a net loss attributable to common shareholders of $3,024,000, or $0.10 per share, for the fiscal year ended September 30, 2007, compared to a loss of $5,809,000, or $0.31 per share, for the fiscal year ended September 30, 2006, an improvement of 48%.
 
“During 2007 we completed our restructuring, resulting in a reduction in our overhead, which will allow us to focus our financial resources on moving our technology forward”, stated John L. McManus, President and Chief Executive Officer.  “As we move into fiscal 2008, we have established development partnerships and initiated programs to test AEOL 10150 as a protective agent against mustard gas exposure, to confirm AEOL 11207’s potential as a treatment for Parkinson’s disease, and to determine attractive candidates from our pipeline to address colitis and chronic obstructive pulmonary disease (“COPD”).  Each program is being partnered to leverage our capital, and we expect 2008 to be a year of significant research and development progress.”
 
Fiscal 2007 research and development (“R&D”) expenses were lower than fiscal 2006 as the Company’s operational focus and R&D spending during fiscal year 2007 was on finalizing the Phase I multiple dose clinical trail for the treatment of ALS, planning the future clinical and development plan for AEOL 10150 and AEOL 11207 as well as advancing additional drug candidates in the pipeline, while the primary operational focus and R&D spending during fiscal year 2006 was on conducting a Phase I multiple dose clinical trial for the treatment of ALS and the advancement of the Aeolus Pipeline Initiative.  This change in focus resulted in lower clinical and pre-clinical expenses during fiscal year 2007 when compared to fiscal year 2006.  Patent fees also decreased during the current year as the Company was in the process of validating several patents internationally during fiscal 2006 while no such activity occurred during fiscal 2007.  Offsetting these declines was an increase in contract manufacturing and chemistry costs.  For the quarter ended September 30, 2007, R&D expenses were $511,000, compared to $803,000 during the same quarter in the prior year.
 

The following information was filed by Aeolus Pharmaceuticals, Inc. (AOLS) on Thursday, December 13, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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