SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2004

GENAERA CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware	0-19651	13-3445668
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

5110 Campus Drive Plymouth Meeting, PA	19462
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, including Area Code: (610) 941-4020

Item 5. Other Events.

On May 4, 2004, Genaera Corporation (the “Company”) issued a press release announcing the opening of enrollment for the first U.S. Phase II clinical trial of its systemically administered anti-angiogenic drug, squalamine, for the treatment of the “wet” age-related macular degeneration. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits

Exhibit Number	Description
99.1	Press release of the Company dated May 4, 2004 – “Genaera Initiates Phase II Macular Degeneration Clinical Trial for Squalamine”.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

GENAERA CORPORATION
(Registrant)
By:	/s/ John A. Skolas
	John A. Skolas
	Senior Vice President, Chief Financial Officer,
	General Counsel and Secretary

Dated: May 7, 2004

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EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release of the Company dated May 4, 2004 – “Genaera Initiates Phase II Macular Degeneration Clinical Trial for Squalamine”.

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