March 20, 2008
Hopkinton Co. Borrows Another $5M
By Matthew L. Brown
The financial backers of Hopkinton-based Alseres Pharmaceuticals Inc. have pumped another $5 million into the company.
The company, formerly known as Boston Life Sciences Inc., borrowed the $5 million from Robert L. Gipson, a former director of the company, senior director of New York City-based investment manager Ingalls & Snyder LLC and general partner of Ingalls & Snyder Value Partners LP. Also involved in the loan were Thomas Gipson, Arthur Koenig and Highbridge International LLC.
The group has loaned the company $25 million since the company was founded in 1992.
The new loan was made to the company by the purchase of convertible promissory notes. The agreement allows the company to borrow an additional $5 million from any member of the lending group.
Alseres reported a net loss of $4.7 million for the quarter ended Sept. 30, the last period for which the company filed an earnings statement with the U.S. Securities and Exchange Commission. For the nine months ended Sept. 30, the company reported a net loss of $14 million. The company reported no revenue for either period.
The company is developing therapeutic and diagnostic products for disorders of the central nervous system.
The company, formerly known as Boston Life Sciences Inc., borrowed the $5 million from Robert L. Gipson, a former director of the company, senior director of New York City-based investment manager Ingalls & Snyder LLC and general partner of Ingalls & Snyder Value Partners LP. Also involved in the loan were Thomas Gipson, Arthur Koenig and Highbridge International LLC.
The group has loaned the company $25 million since the company was founded in 1992.
The new loan was made to the company by the purchase of convertible promissory notes. The agreement allows the company to borrow an additional $5 million from any member of the lending group.
Alseres reported a net loss of $4.7 million for the quarter ended Sept. 30, the last period for which the company filed an earnings statement with the U.S. Securities and Exchange Commission. For the nine months ended Sept. 30, the company reported a net loss of $14 million. The company reported no revenue for either period.
The company is developing therapeutic and diagnostic products for disorders of the central nervous system.
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