Boston Life Sciences raises $10m.(Brief Article)

Boston Life Sciences Inc. completed a private placement of $10 million with a small group of individual investors. The financing gives the Boston-based firm $16 million, enough to last "well into 2005," said Joseph Hernon, chief financing officer. The company also has elected as CEO Robert Rosenthal. Former CEO David Hillson will remain as chairman. Hernon said Boston Life Sciences expects to file an NDA for its Parkinson's disease imaging agent, Altropane, with which Phase Ill trials have been completed. A Phase lib study, expected to finish this year, is underway with Altropane as an imaging agent for attention deficit hyperactivity disorder. Phase I trials in stroke with the nerve growth factor Inosine are expected to begin "late this year or early next," Hernon said. In pre clinical development are Fluoratec, an imaging agent for diagnosing Parkinson's disease and attention deficit hyperactivity disorder, Troponin I, an anti-angiogenesis factor for solid tumors; the nerve growth factor AF-1 for acute and chronic central nervous system disorders; and transcription factors believed to control the expression of molecules associated with autoimmune disease and allergies.