By Sheri Kasprzak
New York, May 3 - Boston Life Sciences, Inc. pocketed $6 million from a previously announced private placement of convertible promissory notes after amending the terms of the deal.
The company sold the 5% notes to Robert L. Gipson, Thomas Gipson and Arthur Koenig and added Highbridge International, LLC, an investor not included in the original agreement.
Under the original terms, the investors had the option to purchase up to $9 million in additional notes through Dec. 31, 2007. That option was removed in the amended terms.
The notes are due Dec. 31, 2010 and are convertible into common shares at $2.50 each any time after Dec. 31, 2007.
Boston Life Sciences is a biotechnology company based in Hopkinton, Mass.
| Issuer: | Boston Life Sciences, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $6 million
|
| Maturity: | Dec. 31, 2010
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | $2.50
|
| Investors: | Robert L. Gipson, Thomas Gipson, Arthur Koenig, Highbridge International, LLC
|
| Settlement date: | May 1
|
| Stock symbol: | Nasdaq: BLSI
|
| Stock price: | $2.70 at close May 1
|
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