SAN DIEGO, May 16 /PRNewswire-FirstCall/ -- Alliance Pharmaceutical
Corp.("Alliance")(OTC Bulletin Board:  ALLP), through its subsidiary PFC
Therapeutics, LLC, and Beijing Double-Crane Pharmaceutical Co., Ltd.
("Double-Crane") today announced that they have entered into a Development,
License and Supply Agreement ("Agreement") for the development of Oxygent(TM)
in The People's Republic of China ("PRC").
    Pursuant to the Agreement, Double-Crane will make an upfront license fee
payment and certain milestone and royalty payments to Alliance.  Double-Crane
will conduct clinical trials in the PRC, in accordance with international
guidelines, to receive marketing approval for Oxygent in the PRC.  Alliance
will have the right to use any data derived from the clinical trials in other
countries.  Double-Crane will have the option to manufacture Oxygent in the
PRC after obtaining approval from the regulatory authorities in the PRC and
they will also have a right of first refusal to add specific additional
countries to the Agreement upon further negotiation with Alliance.
    "Over the past year, we have worked closely with the Double-Crane
professionals as well as experts from the leading hospitals in China to
develop a plan for advancing the clinical development of Oxygent," said Duane
Roth, Alliance Chairman and CEO.  "We are very pleased to partner with such a
great team that has extensive experience in clinical development,
manufacturing and marketing of products that are synergistic to Oxygent."
    "We are pleased to become Alliance's development partner for Oxygent in
China," said Xin Li, President Double-Crane.  "We have great respect for the
high quality work that the Alliance development team has achieved over the
past decade.  We will try all our best to work together to complete the
clinical testing necessary to obtain market approval."
    Yu Zhang, Vice Chairman Double-Crane, who is in charge of this project,
also adds, "During the past year's cooperation with Alliance team, we are glad
to find that they are sincere, precise and hard-workers.  After much
discussion, we respect their more than 10 years of research and recognize the
potential of Oxygent."

    About Double-Crane
    Double-Crane was established and listed on May 22, 1997
(share code:  600062) in Shanghai Securities Exchange China.  By the end of
2004, Double-Crane had controlled shareholding in 23 subsidiaries and share in
seven companies in 10 provinces throughout China.  Double-Crane covers many
areas of R & D, production, marketing, logistics, equipment, etc. and
participates in markets like synthetic antibiotics, cardiovascular, raw
materials and GI.  Double-Crane is the market leader in China for IV
solutions.  The revenues of Double-Crane in 2004 were US $510 million.
Double-Crane is one of the largest pharmaceutical companies in China.

    About Alliance
    Alliance Pharmaceutical Corp., founded in 1989, is a development-stage
pharmaceutical company that is currently focused on developing its lead
product, Oxygent.  Alliance is currently the only company that has advanced a
synthetic PFC emulsion-based oxygen therapeutic into late-stage multi-center
international clinical trials in both Europe and North America.  Alliance is
developing Oxygent as an intravascular oxygen therapeutic, based on its
proprietary PFC and surfactant technologies.

    Except for historical information, the matters set forth in this release
are forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from those set forth
herein, including the results of scientific advice of the regulatory
authorities of the PRC and uncertainties associated with the conduct of
preclinical or clinical studies.  Alliance refers you to cautionary
information contained in documents Alliance files with the Securities and
Exchange Commission from time to time, including the last Form 10-KSB and Form
10-QSB, and those risk factors set forth in the most recent registration
statement on Form SB-2 (File No. 333-119428).  Alliance is under no obligation
(and expressly disclaims any obligation) to update or alter its
forward-looking statements, whether as a result of new information, future
events, or otherwise.

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