BLSI Boston Life Sciences (MM)

HOPKINTON, Mass., Feb. 13 /PRNewswire-FirstCall/ -- Boston Life Sciences, Inc. (NASDAQ:BLSI) today announced that on February 8, 2007, it amended and restated unsecured promissory notes in favor of Robert L. Gipson and Thomas L. Gipson, stockholders of the Company, to increase by $2 million the total amount that may be borrowed by the Company pursuant to the notes. The amended and restated promissory note to Mr. Robert L. Gipson replaces the amended unsecured promissory note issued on August 8, 2006 and increases the aggregate principal amount that may be borrowed thereunder by the Company from $4 million to $5 million. The amended and restated promissory note to Mr. Thomas L. Gipson replaces the unsecured promissory note issued on October 26, 2006 and increases the aggregate principal amount that may be borrowed thereunder by the Company from $4 million to $5 million. Kenneth Rice, the Company's Executive Vice President & Chief Financial Officer commented, "We are pleased to obtain this additional financing that will allow us to continue to support our operations as we pursue our other fundraising activities. We are grateful to both Bob and Tom Gipson for their continued support of our mission and programs." According to a Schedule 13G/A filed with Securities and Exchange Commission (the "SEC") on February 12, 2007, Robert L. Gipson beneficially owned approximately 18.7% of the outstanding common stock of the Company on December 31, 2006. Robert L. Gipson, who serves as a Senior Director of Ingalls & Snyder LLC and a General Partner of Ingalls and Snyder Value Partners, L.P., served as a director of the Company from June 15, 2004 until October 28, 2004. According to a Schedule 13G/A filed with the SEC on February 12, 2007, Thomas L. Gipson beneficially owned approximately 19.2% of the outstanding common stock of the Company on December 31, 2006. 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 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: Meredith Patin -- 508-497-2360 ext 239 Boston Life Sciences, Inc. DATASOURCE: Boston Life Sciences, Inc. CONTACT: Meredith Patin of Boston Life Sciences, Inc., +1-508-497-2360 ext 239, or Web site: http://www.bostonlifesciences.com/

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