Boston Life Sciences Issues Amended Promissory Notes for Up to an Additional $2 Million
13 Février 2007 - 8:55PM
PR Newswire (US)
HOPKINTON, Mass., Feb. 13 /PRNewswire-FirstCall/ -- Boston Life
Sciences, Inc. (NASDAQ:BLSI) today announced that on February 8,
2007, it amended and restated unsecured promissory notes in favor
of Robert L. Gipson and Thomas L. Gipson, stockholders of the
Company, to increase by $2 million the total amount that may be
borrowed by the Company pursuant to the notes. The amended and
restated promissory note to Mr. Robert L. Gipson replaces the
amended unsecured promissory note issued on August 8, 2006 and
increases the aggregate principal amount that may be borrowed
thereunder by the Company from $4 million to $5 million. The
amended and restated promissory note to Mr. Thomas L. Gipson
replaces the unsecured promissory note issued on October 26, 2006
and increases the aggregate principal amount that may be borrowed
thereunder by the Company from $4 million to $5 million. Kenneth
Rice, the Company's Executive Vice President & Chief Financial
Officer commented, "We are pleased to obtain this additional
financing that will allow us to continue to support our operations
as we pursue our other fundraising activities. We are grateful to
both Bob and Tom Gipson for their continued support of our mission
and programs." According to a Schedule 13G/A filed with Securities
and Exchange Commission (the "SEC") on February 12, 2007, Robert L.
Gipson beneficially owned approximately 18.7% of the outstanding
common stock of the Company on December 31, 2006. Robert L. Gipson,
who serves as a Senior Director of Ingalls & Snyder LLC and a
General Partner of Ingalls and Snyder Value Partners, L.P., served
as a director of the Company from June 15, 2004 until October 28,
2004. According to a Schedule 13G/A filed with the SEC on February
12, 2007, Thomas L. Gipson beneficially owned approximately 19.2%
of the outstanding common stock of the Company on December 31,
2006. 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 Quarterly
Report on Form 10-Q for the quarter ended September 30, 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: Meredith Patin -- 508-497-2360 ext 239 Boston
Life Sciences, Inc. DATASOURCE: Boston Life Sciences, Inc. CONTACT:
Meredith Patin of Boston Life Sciences, Inc., +1-508-497-2360 ext
239, or Web site: http://www.bostonlifesciences.com/
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