Print
Email
Print Edition StoriesMonday, 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.
Comments
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
RSS Feeds
