Genaera Corporation, a biopharmaceutical company, announced that its current senior vice president and chief financial officer, Christopher P. Schnittker, will leave the Company effective August 29, 2003 to pursue other business opportunities. Schnittker has served as the Company's chief financial officer since June 2000. Leanne M. Kelly, Genaera's Controller, will assume the duties of chief financial officer on an interim basis while the Company completes a search for a replacement. Kelly has a solid background in accounting and SEC reporting with development-stage technology companies.

Roy C. Levitt, president and chief executive officer, commented, "We thank Chris for his years of significant contributions to Genaera, and wish him well in his new endeavors. Leanne is well prepared to step up to her new role during this interim period."