Monday, June 30, 2008

Alseres gets $5M through notes placement

By Mass High Tech Staff

Biopharmaceuticals company Alseres Pharmaceuticals Inc. says it has raised $5 million through the private placement of a Convertible Promissory Note Purchase Agreement with former board member Robert Gipson.

According to the terms of the agreement, Gipson may convert all or a portion of the outstanding principal and accrued interest under the note into shares of the company’s common stock at a price of $2.50 per share or into the right to receive payments-based income from Alseres (Nasdaq: ALSE).

Gipson, who serves as a senior director of Ingalls & Snyder LLC and a general partner of Ingalls & Snyder Value Partners LP, was a director of Hopkinton-based Alseres from June 15, 2004 until Oct. 28, 2004.

Alseres Pharmaceuticals is developing therapeutic and diagnostic products primarily for disorders in the central nervous system. The company reported a loss of $19.6 million for 2007 on zero revenue.