Aeolus Pharmaceuticals, Inc. Logo
Contact:
    John L. McManus
    President and Chief Executive Officer
    (949) 481-9825

Aeolus Pharmaceuticals Announces Fiscal Year 2008 Financial Results
 
Mission Viejo, California, December 12, 2008 -- Aeolus Pharmaceuticals, Inc. (OTC Bulletin Board: AOLS) announced today financial results for the three months and twelve months ended September 30, 2008.  The Company reported a net loss of $1,055,000, or $0.03 per share, compared to a loss of $1,022,000, or $0.03 per share, for the three months ended September 30, 2007.  Results for the three months ended September 30, 2008 included licensing income of $175,000, a related collaboration charge of $413,000 for a milestone payment due under a license agreement and a deemed dividend of $118,000 as a result of the re-pricing of certain warrants.
 
The Company reported a net loss of $2,973,000, or $0.09 per share, for the fiscal year ended September 30, 2008, compared to a loss of $3,024,000, or $0.10 per share, for the fiscal year ended September 30, 2007.
 
“Thanks to the continued support of our investors and our academic collaborators, we were able to make significant advancements in the development of AEOL 10150”, stated John L. McManus, President and Chief Executive Officer.  “During the year we initiated the first of two pivotal animal studies that we expect will be necessary for approval of AEOL 10150 as a countermeasure for Acute Radiation Syndrome, initiated a compassionate use multiple dose study in a patient diagnosed with progressive and debilitating amyotrophic lateral sclerosis which will be useful for future potential development in both ALS and radiation therapy and continued the study of AEOL 10150 as a countermeasure for mustard gas exposure.  We anticipate that the next group of studies in mustard gas will begin shortly, and we should have results during the first half of 2009.”
 
Fiscal 2008 research and development (“R&D”) expenses decreased in fiscal 2008 when compared to fiscal 2007.  The lower level of R&D expenses during the current period reflects a lower amount of employment, consulting and manufacturing expenses offset by a higher level of pre-clinical and patent expenses.  The decline in employment and consulting expenses reflects that we were completing our multiple dose clinical trail and were in the process of manufacturing bulk quantities of our lead drug candidate, AEOL 10150, during fiscal 2007, whereas during the current year we had restructured our research program to utilize outside research institutions and grants to perform our research activities.
 
General and administrative (“G&A”) expenses decreased in fiscal year 2008 when compared to fiscal year 2007.  The lower level of G&A expenses reflects a decline in employment costs, stock compensation expense and investor relations expense.  Employment costs and stock compensation expense declined during fiscal 2008 compared to fiscal 2007 due to a lower headcount.  Investor relations expenses declined as a result of a decrease in the level of activity for our investor relations program.
 

The following information was filed by Aeolus Pharmaceuticals, Inc. (AOLS) on Friday, December 12, 2008 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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