Boston Life Sciences Raises $6 Million Through Issuance of a Convertible Promissory Note to a New Fund

HOPKINTON, Mass., May 3  /PRNewswire-FirstCall/ -- Boston Life Sciences, Inc. (NASDAQ:BLSI) today announced that it entered into an amendment to the Convertible Promissory Note Purchase Agreement (the "Original Agreement"), dated March 22, 2007, among Robert L. Gipson, Thomas Gipson and Arthur Koenig (each a "Purchaser") (the "Amended Agreement").  The Amended Agreement (i) eliminated the requirement for the original Purchasers to make further advances under the Original Agreement and (ii) added an investment fund managed by Highbridge Capital Management, LLC as a Purchaser.  Pursuant to the Amended Agreement, the Company issued a convertible promissory note to the investment fund managed by Highbridge in the aggregate principal amount of $6,000,000.

All other terms of the Amended Agreement remained the same as those of the Original Agreement.

Kenneth Rice, the Company's Executive Vice President & Chief Financial Officer commented, "We are pleased to have Highbridge as a new stakeholder in the growth of Boston Life Sciences. Our plan for 2007 includes a diversification of our investor base and the addition of Highbridge represents a strong first step for us.  Highbridge is a global alternative asset management firm with over $25 billion in assets as of May 1, 2007.  The firm, which is majority owned by JPMorgan Asset Management, was founded in 1992 and continues to be run by founders Glenn Dubin and Henry Swieca.  We are grateful to the Gipsons and Mr. Koenig for their support of this amendment and their continued support of our mission and programs."

About Boston Life Sciences, Inc.

Boston Life Sciences, Inc. (BLSI) is engaged in the research and clinical development of diagnostic and therapeutic products for central nervous system (CNS) disorders. ALTROPANE(R) molecular imaging agent is in Phase III clinical trials for the diagnosis of Parkinson's Disease (PD) and Phase II clinical trials for the diagnosis of Attention Deficit Hyperactivity Disorder (ADHD). Cethrin(R), a recombinant-protein-based drug designed to promote nerve repair after acute spinal cord injury, has reported positive interim results in a North American Phase I/IIa clinical trial. The company's research and pre- clinical CNS programs include Inosine for the treatment of spinal cord injury and stroke, a DAT blocker for the treatment of Parkinson's disease, and a second generation technetium-based molecular imaging agent for PD and ADHD. BLSI's current research collaborations include Harvard Medical School and Children's Hospital Boston.

Safe Harbor

The foregoing release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements include statements regarding Boston Life Sciences' future expectations, beliefs, intentions, goals, strategies, plans or prospects regarding the future, including the development and commercialization of ALTROPANE and Cethrin, the prospects of the Company's CNS therapeutics program, the Company's strategies to develop and commercialize axon regeneration technologies and the breadth of the Company's technologies and intellectual property portfolio. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by Boston Life Sciences from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, the Company's actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. Boston Life Sciences is providing the information in this press release as of this date and assumes no obligations to update the information in this press release.

  Contact:  Sharon Correia -- 508-497-2360 ext 224
            Boston Life Sciences, Inc.
            

DATASOURCE: Boston Life Sciences, Inc.



CONTACT:  Sharon Correia of Boston Life Sciences, Inc., [phone]

ext 224,  



Web site:  http://www.bostonlifesciences.com/ 

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