Boston Life Sciences amends promissory notes, increases borrowing to $4 million

By Lisa Kerner

Charlotte, N.C., Nov. 1 - Boston Life Sciences Inc. amended and restated unsecured promissory note issued to Robert L. Gipson Aug. 8, increasing the total principal amount Boston Life may borrow to $4 million from $3 million. The maturity date has been cut to June 30, 2007, from Dec. 31, 2007.

The company also issued to Thomas L. Gipson an unsecured promissory note enabling the company to borrow up to a total principal amount of $4 million.

According to Boston Life's form 8-K filing with the Securities and Exchange Commission, the outstanding principal amount borrowed under the notes is due and payable upon June 30, 2007 or when the company completes an equity financing with gross proceeds of at least $10 million.

Based in Hopkinton, Mass., Boston Life develops diagnostic and therapeutic products for central nervous system disorders.

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