IMRX Immuneering Corporation

Dutton Associates updates its coverage of ImaRx Therapeutics (Nasdaq:IMRX) maintaining a Speculative Buy rating and a $1 target price. The 9-page report by Dutton senior analyst Denise T. Resnik, M.S. is available at www.jmdutton.com as well as from First Call, Bloomberg Professional, Zacks, Reuters, Knobias, and other leading financial portals. We continue to believe that ImaRx�s microbubble technology may offer a medically important alternative to other stroke therapies currently marketed and in development. Lipid-coated microbubbles represent a new class of agents with both diagnostic and therapeutic applications. Microbubbles have low density, and stabilizing them with lipid coatings imparts unusual properties for diagnostic imaging and drug delivery. Perfluorocarbon (PFC) gases trapped within lipid coatings make microbubbles sufficiently stable for circulation in the vasculature. Research has shown that microbubbles can be cavitated (expanded and contracted) with ultrasound energy to deliver site-specific bioactive materials when the microbubbles are associated with therapeutic agents and can be used in the treatment of vascular thrombosis when the microbubbles do not carry drug. We also believe that the monetization of urokinase represents a non-dilutive mechanism for ImaRx to raise funds for the continuation of its microbubble clinical program. However, the Company has two large hurdles at this time. It must be able to successfully conduct the additional stability testing now required by the FDA, and it must find a mechanism to monetize urokinase or otherwise develop another source of income to use to further its clinical program. While the results from the previously-terminated TUCSON SonoLysis clinical trial have not been made public, we expect the success of the Company will ride on those results as well. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs, and have expertise in many industries. Dutton & Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $35,000 from the Company for 4 Research Reports with coverage commencing on 2/19/2008. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.