Navigation Links
Alseres Pharmaceuticals, Inc. Raises $5 Million

HOPKINTON, Mass., March 20 /PRNewswire-FirstCall/ -- Alseres Pharmaceuticals, Inc. (Nasdaq: ALSE) today announced that it entered into a Third Amended and Restated Convertible Promissory Note Purchase Agreement dated as of March 18, 2008, among Robert L. Gipson, Thomas Gipson, Arthur Koenig, Ingalls & Snyder Value Partners, L.P. and Highbridge International LLC (each a "Purchaser"). The agreement provides for the Company to borrow, in addition to the $25 million already borrowed from the Purchasers, $5 million from Robert L. Gipson, an existing Purchaser. The agreement further provides that the Company may borrow up to an additional $5 million from any Purchaser on the terms and conditions in the agreement. All other terms of the agreement remained the same.


Kenneth Rice, the Company's Executive Vice President & Chief Financial Officer commented, "We are pleased to have the continuing support of Bob Gipson as a stockholder in the growth of Alseres. These additional funds and the potential to borrow additional capital in the future will enable us to continue to advance our clinical programs and our on-going partnering activities for our molecular imaging assets. We are grateful to Ingalls & Snyder Value Partners, the Gipsons, Mr. Koenig and Highbridge for their support of this amendment and their continued support of our mission and programs".

Robert Gipson, who serves as a Senior Director of Ingalls & Snyder LLC and a General Partner of Ingalls & Snyder Value Partners, L.P., served as a director of the Company from June 15, 2004 until October 28, 2004.

About Alseres Pharmaceuticals, Inc.

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of therapeutic and diagnostic products primarily for disorders in the central nervous system (CNS). The Company maintains a world-class intellectual property position in the field of regenerative therapeutics. The Company's energy and focus is reflected in several important initiatives. Cethrin(R), a recombinant-protein-based drug designed to promote nerve repair after acute spinal cord injury, demonstrated positive interim results in a Phase I/IIa clinical trial. The Company's research and pre-clinical programs include, Inosine for the treatment of spinal cord injury and stroke, Oncomodulin for the treatment of ocular injury and disease and research programs directed at a number of regenerative therapies including bone repair. The Company has a robust molecular imaging development program targeting diagnosis of Parkinson's disease and potentially dementia and ADHD. The Company's lead molecular imaging product candidate is ALTROPANE(R) which is in Phase III clinical trials for the diagnosis of Parkinsonian Syndromes including Parkinson's Disease. The Company has research collaborations with 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 Alseres' 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, 2007 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Alseres 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. Alseres 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

Alseres Pharmaceuticals, Inc.

SOURCE Alseres Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Alseres Pharmaceuticals, Inc. to Present at New York Society of Security Analysts Conference
2. Jazz Pharmaceuticals, Inc. Announces LUVOX CR Launch Plans and Reports Development Pipeline Progress at Investor Day Presentation
3. Affinium Pharmaceuticals, Ltd. Announces Initiation of a Phase I Clinical Trial for AFN-1252, its Novel Anti-staphylococcal Antibiotic
4. Acura Pharmaceuticals, Inc. Announces Andrew Reddick, President & CEO, To Take Medical Leave and Appointment of Richard Markham as Chairman of the Board
5. Renhuang Pharmaceuticals, Inc. Retains CCG Elite
6. Lotus Pharmaceuticals, Inc. Implements Environmentally-friendly Cost Saving Strategies
7. Jazz Pharmaceuticals, Inc. to Announce Fourth Quarter and Full Year 2007 Financial Results on February 13, 2008
8. NuView Radiopharmaceuticals, Inc. Secures Exclusive Rights From Thomas Jefferson University for a Tumor-Specific Imaging Agent for the Diagnosis of Breast and Prostate Cancers
9. Jazz Pharmaceuticals, Inc. Announces Submission of Complete Response to FDA Approvable Letter for LUVOX(R) CR
10. Acura Pharmaceuticals, Inc. Announces Approval to List Shares on NASDAQ and Effective Feb. 4, 2008 a New Trading Symbol: ACUR
11. Acura Pharmaceuticals, Inc. Announces Appointment of George K. Ross as Director
Post Your Comments:
(Date:10/13/2017)... ... 2017 , ... The American Board of Family Medicine's (ABFM) Board of Directors ... Officer, succeeding Dr. James C. Puffer upon his retirement. Dr. Newton will serve in ... retirement at the end of 2018. Upon assuming the role of President and CEO ...
(Date:10/13/2017)... ... , ... PurhealthRX , a leading Health and Nutrition Company, is announcing ... full spectrum CBD oil will revolutionize the rapidly growing CBD market by reducing the ... incorporated into liquid products, while reducing costs to end users. , The team of ...
(Date:10/13/2017)... ... October 13, 2017 , ... Lori R. Somekh, founder of the ... a national organization of elder law and special needs planning attorneys. “Membership in ElderCounsel ... also provides a forum to network with elder law attorneys nationwide,” said Somekh. ...
(Date:10/13/2017)... SAN LUIS OBISPO, Calif. (PRWEB) , ... October 13, 2017 , ... ... with Alzheimer’s or dementia. However, many long-term care insurance companies have a waiver for ... mean is the 90-day elimination period, when the family pays for care, is often ...
(Date:10/13/2017)... ... October 13, 2017 , ... Ellevate Network, the leading network for ... for action towards gender equality at their inaugural Summit in New York City in ... reached a social audience of over 3 million. To watch the Mobilize Women video, ...
Breaking Medicine News(10 mins):
(Date:10/12/2017)... , Oct. 12, 2017 AVACEN Medical ... the company with their  2017 New Product Innovation Award ... on extensive primary and secondary medical device market research by ... through its first-to-market OTC, drug-free pain relief product, the AVACEN ... approach to treating fibromyalgia widespread pain. ...
(Date:10/12/2017)... -- West Pharmaceutical Services, Inc. (NYSE: WST), ... administration, today announced that it will release third-quarter 2017 ... 26, 2017, and will follow with a conference call ... a.m. Eastern Time. To participate on the call, please ... is 94093362. A ...
(Date:10/11/2017)... , Oct. 11, 2017  Caris Life Sciences ® ... fulfilling the promise of precision medicine, today announced that ... Caris, Precision Oncology Alliance™ (POA) as its 17 th ... the St. Jude Crosson Cancer Institute will help develop ... use of tumor profiling, making cancer treatment more precise ...
Breaking Medicine Technology: