Thursday, March 20, 2008

Alseres Pharmaceuticals raises $5M from notes deal

Alseres Pharmaceuticals Inc. says that it has entered into a notes purchase agreement that allows it to borrow $5 million from investor Robert L. Gipson.

The Hopkinton-based drug company previously had entered into a $25 million notes agreement with Robert L. Gipson, Thomas Gipson, Arthur Koenig, Ingalls & Snyder Value Partners LP, and Highbridge International LLC. The new agreement allows Alseres (Nasdaq:ALSE) to borrow up to an additional $5 million from any one of the notes purchasers.

Alseres started out life as Boston Life Sciences Inc., before stockholders approved the company name change to Alseres Pharmaceuticals in June 2007. The pharmaceutical company is developing therapeutic and diagnostic products for disorders in the central nervous system, and has research collaborations with Harvard Medical School and Children's Hospital Boston.

For its most recent reported year, 2006, Alseres had a loss of $26.4 million and no revenue.