Boston Life Sciences to lower warrant price to purchase shares, prepays $4.35 million 10% convertibles

Pittsburgh, Nov. 15 - Boston Life Sciences Inc. said it will lower the exercise price of warrants to purchase 5000,000 shares of the company's common stock held by Ingalls & Snyder Value Partners LP from $2.16 to $1.00 per share in connection with the company's prepaying the $4.35 million face amount of its 10% convertible senior secured promissory notes due June 1, 2005.

"The early payment of the notes represents a first step in our efforts to simplify the company's capital structure," chief executive officer Peter Savas said in the release. "This transaction will save us approximately $243,000 in future interest payments and removes the potential dilutive affect of the conversion of the notes into common stock."

Boston Life Sciences is a Boston biotechnology company.

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