SAN DIEGO, Nov. 21 /PRNewswire-FirstCall/ -- Alliance Pharmaceutical
Corp. (OTC Bulletin Board: ALLP). Following a Steering Committee meeting
last week in China with its partner Beijing Double-Crane Pharmaceutical
Co., Ltd. (Double-Crane), Alliance has updated its clinical development
plan for Oxygent(TM) (perfluorochemical [PFC] emulsion) to focus primarily
on supporting the initial clinical development of Oxygent in China. The
clinical development plan for China is to investigate Oxygent in
maintaining hemodynamic stability during major surgery, thereby potentially
reducing or avoiding intraoperative transfusions of donor blood in major
surgery. In addition, the Phase 2 clinical trial in China will incorporate
oxygenation endpoints of postoperative improvement of organ function, such
as the gut, heart, brain and kidney. As a result, Alliance will discontinue
enrollment in the current French study and evaluate a new protocol to
correspond to the China Phase 2 study. Alliance is currently transferring
the manufacturing technology to enable Double-Crane to manufacture Oxygent
in China. Following the manufacture of clinical supplies in China,
Double-Crane plans to submit an IND to the sFDA, which is anticipated to be
completed in 2008. Alliance will seek additional funding to support this
plan.

    About Alliance Pharmaceutical Corp.

    Alliance is a development-stage pharmaceutical company that is
currently focused on developing its lead product, Oxygent, which is based
on its proprietary PFC technology. Oxygent is being developed as an
intravascular oxygen carrier designed to augment oxygen delivery in
surgical patients.

    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. 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. 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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