Boston Life Sciences Raises $6 Million Through Issuance of a Convertible Promissory Note to a New Fund
May 03 2007 - 10:30AM
PR Newswire (US)
HOPKINTON, Mass., May 3 /PRNewswire-FirstCall/ -- Boston Life
Sciences, Inc. (NASDAQ:BLSI) today announced that it entered into
an amendment to the Convertible Promissory Note Purchase Agreement
(the "Original Agreement"), dated March 22, 2007, among Robert L.
Gipson, Thomas Gipson and Arthur Koenig (each a "Purchaser") (the
"Amended Agreement"). The Amended Agreement (i) eliminated the
requirement for the original Purchasers to make further advances
under the Original Agreement and (ii) added an investment fund
managed by Highbridge Capital Management, LLC as a Purchaser.
Pursuant to the Amended Agreement, the Company issued a convertible
promissory note to the investment fund managed by Highbridge in the
aggregate principal amount of $6,000,000. All other terms of the
Amended Agreement remained the same as those of the Original
Agreement. Kenneth Rice, the Company's Executive Vice President
& Chief Financial Officer commented, "We are pleased to have
Highbridge as a new stakeholder in the growth of Boston Life
Sciences. Our plan for 2007 includes a diversification of our
investor base and the addition of Highbridge represents a strong
first step for us. Highbridge is a global alternative asset
management firm with over $25 billion in assets as of May 1, 2007.
The firm, which is majority owned by JPMorgan Asset Management, was
founded in 1992 and continues to be run by founders Glenn Dubin and
Henry Swieca. We are grateful to the Gipsons and Mr. Koenig for
their support of this amendment and their continued support of our
mission and programs." About Boston Life Sciences, Inc. Boston Life
Sciences, Inc. (BLSI) is engaged in the research and clinical
development of diagnostic and therapeutic products for central
nervous system (CNS) disorders. ALTROPANE(R) molecular imaging
agent is in Phase III clinical trials for the diagnosis of
Parkinson's Disease (PD) and Phase II clinical trials for the
diagnosis of Attention Deficit Hyperactivity Disorder (ADHD).
Cethrin(R), a recombinant-protein-based drug designed to promote
nerve repair after acute spinal cord injury, has reported positive
interim results in a North American Phase I/IIa clinical trial. The
company's research and pre- clinical CNS programs include Inosine
for the treatment of spinal cord injury and stroke, a DAT blocker
for the treatment of Parkinson's disease, and a second generation
technetium-based molecular imaging agent for PD and ADHD. BLSI's
current research collaborations include Harvard Medical School and
Children's Hospital Boston. Safe Harbor The foregoing release
contains certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-
looking statements include statements regarding Boston Life
Sciences' future expectations, beliefs, intentions, goals,
strategies, plans or prospects regarding the future, including the
development and commercialization of ALTROPANE and Cethrin, the
prospects of the Company's CNS therapeutics program, the Company's
strategies to develop and commercialize axon regeneration
technologies and the breadth of the Company's technologies and
intellectual property portfolio. Forward-looking statements can be
identified by terminology such as "anticipate," "believe," "could,"
"could increase the likelihood," "estimate," "expect," "intend,"
"is planned," "may," "should," "will," "will enable," "would be
expected," "look forward," "may provide," "would" or similar terms,
variations of such terms or the negative of those terms. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors including those risks,
uncertainties and factors referred to in the Company's Annual
Report on Form 10-K for the year ended December 31, 2006 filed with
the Securities and Exchange Commission under the section "Risk
Factors," as well as other documents that may be filed by Boston
Life Sciences from time to time with the Securities and Exchange
Commission. As a result of such risks, uncertainties and factors,
the Company's actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. Boston Life Sciences
is providing the information in this press release as of this date
and assumes no obligations to update the information in this press
release. Contact: Sharon Correia -- 508-497-2360 ext 224 Boston
Life Sciences, Inc. DATASOURCE: Boston Life Sciences, Inc. CONTACT:
Sharon Correia of Boston Life Sciences, Inc., +1-508-497-2360 ext
224, Web site: http://www.bostonlifesciences.com/
Copyright
Boston Life Sciences (NASDAQ:BLSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Boston Life Sciences (NASDAQ:BLSI)
Historical Stock Chart
From Apr 2023 to Apr 2024