Alseres Pharmaceuticals, (NASDAQ: [[ticker:ALSE]]) a developer of neurological drugs and diagnostics, said today it raised $5 million in convertible debt from Robert Gipson, a General Partner of Ingalls & Snyder Value Partners, and a former director of the company. Gipson can convert the loan principal into shares of the company’s stock at $2.50 a share. The Hopkinton, MA-based company’s shares climbed 4 cents to $2.34 at 1:34 p.m. Eastern time today, following the announcement.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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