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Alseres Pharmaceuticals, Inc. Reports 2007 Financial Results and Provides Company Highlights

p>well as other specified compounds.

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.

Organizational Highlights

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.
Copyright©2008 PR Newswire.
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