Renamed Company to reflect strategic vision.
In June 2007, Boston Life Sciences was renamed Alseres Pharmaceuticals.
The new name, which derives from the Latin meaning to take root and grow,
better reflects the transformation of the Company from a life sciences
company into a biopharmaceutical company with late stage product
candidates in clinical development for CNS disorders.
Raised $27 million in new cash in 2007, an additional $5 million in
2008 and eliminated $10 million of debt.
-- In early 2007, we borrowed $2 million in debt that, along with the $8
million of debt outstanding at December 31, 2006, converted into our
common stock in June 2007.
-- In 2007 and in March 2008, we borrowed an aggregate of $30 million
under convertible notes that mature on December 31, 2010. These notes
are convertible into our common stock at a conversion price of $2.50
per share or the right to receive future payments related to our
molecular imaging products (including ALTROPANE and FLUORATEC) in
amounts equal to 2% of our pre-commercial revenue related to such
products plus 0.5% of future net sales of such products for each
$1,000,000 of outstanding principal and interest that a purchaser under
this agreement elects to convert into future payments.
Continued to expand management team with key additions.
In 2007, Alseres added Dr. Frank Bobe to the position of Executive Vice
President and Chief Business Officer and Susan Flint to the position of
Senior Vice President Drug Development.
Continued development of the Board of Directors.
In 2007, Alseres elected Gary Frasier and Henry Brem to its Board of
Directors. The Company also formed a Science and Technology Committee
comprised of independent director
|SOURCE Alseres Pharmaceuticals, Inc.|
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