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Xmark Comments on Genaera Cost-Saving Plan
Xmark Comments on Genaera Cost-Saving Plan
RIDGEFIELD, Conn., May 9 /PRNewswire/ -- Xmark Opportunity Partners, LLC,
the investment manager to Xmark Opportunity Fund, L.P., Xmark Opportunity
Fund, Ltd. and Xmark JV Investment Partners, LLC, announced today that it
fully supports the initiatives outlined in the press release issued by Genaera
Corporation (Nasdaq: GENR) on May 8, 2008 with respect to executive base
compensation, cash incentives to executives, workforce reduction and the
streamlining of expenditures.
"Management has made difficult, fiscally-responsible choices that will
afford its shareholders the opportunity to profit from MSI-1436 and MEDI-528
without suffering dilution during a turbulent period in the markets," said
Mitchell D. Kaye, the Chief Executive Officer of Xmark Opportunity Partners.
Mr. Kaye added that, "this type of responsible behavior should serve as a
model for similarly-situated companies in the small-cap biotech sector." Mr.
Kaye is a member of the Board of Directors of Genaera.
SOURCE Xmark Opportunity Partners, LLC
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