Boston Life Sciences Issues Promissory Notes for Up to $8 Million
02 Noviembre 2006 - 11:39AM
PR Newswire (US)
HOPKINTON, Mass., Nov. 2 /PRNewswire-FirstCall/ -- Boston Life
Sciences, Inc. (NASDAQ:BLSI) today announced on October 26, 2006 it
issued an amended and restated unsecured promissory note in favor
of Robert L. Gipson, a stockholder of the Company, to replace the
unsecured promissory note issued to Mr. Gipson on August 8, 2006.
Under the amended and restated promissory note, (i) the aggregate
principal amount that may be borrowed by the Company has been
increased from $3 million to $4 million and (ii) one of the dates
triggering repayment under the definition of Maturity Date (as
discussed below) has been moved from December 31, 2007 to June 30,
2007. On October 26, 2006, the Company issued to Thomas L. Gipson,
also a stockholder of the Company, an unsecured promissory note,
under which the Company may borrow up to an aggregate principal
amount of $4 million. From time to time prior to the Maturity Date,
Messrs. Gipson and Gipson shall make requested advances to the
Company under the promissory notes so long as each advance totals
at least $1,000,000. The outstanding principal amount borrowed
under the promissory notes shall be due and payable upon the
earliest to occur: June 30, 2007; the date on which the Company
consummates an equity financing in which the gross proceeds to the
Company total at least $10 million; or the date on which either
Robert Gipson or Thomas Gipson declares an event of default, the
first of these three events to occur is referred to as the Maturity
Date. The notes will initially bear interest at 9% per annum until
the Maturity Date, subject to increase upon the occurrence of
certain events. According to a Schedule 13G/A filed with Securities
and Exchange Commission on January 24, 2006, Robert Gipson
beneficially owned approximately 18.9% of the outstanding common
stock of the Company on January 1, 2006. Mr. 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 Securities and Exchange Commission on
January 24, 2006, Thomas Gipson beneficially owned approximately
19.4% of the outstanding common stock of the Company on January 1,
2006. About BLSI 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 Parkinsonian Syndrome (PS) and Phase II clinical
trials for the diagnosis of Attention Deficit Hyperactivity
Disorder (ADHD). The Company's research and pre-clinical CNS
programs include Inosine for the treatment of stroke, a DAT blocker
for the treatment of Parkinson's disease and a second generation
technetium-based molecular imaging agent for PS 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.
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 June 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: 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, or Web site:
http://www.bostonlifesciences.com/
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