Alseres Pharmaceuticals, Inc. (OTCPK:ALSE) formerly known as Boston Life Sciences, Inc., announced a private placement of convertible promissory notes with Robert L. Gipson, Thomas Gipson, and Arthur Koenigon for gross proceeds of up to $15,000,000 on March 22, 2007. Under the agreement, the company may borrow at any time before December 31, 2007, any amount up to $15,000,000. The notes carry an interest rate of 5% before any event of default occurs or 10% after the default to the maturity date and can be converted into common shares of the company at a conversion rate of $2.50 per share. The outstanding principal amount borrowed and any accrued interest shall be due and payable upon the earliest to occur of December 31, 2010 or the date on which the investor declares an event of default. After December 31, 2007, each investor may convert all or a portion of the outstanding principal and accrued interest under any outstanding notes into common shares of the company or into the right to receive from the company the certain payments related to the company's molecular imaging products. For each $1,000,000 of total converted balance, the company will pay 2% of pre-commercial income plus a royalty at a rate of 0.5% of net sales of molecular imaging products. Wilmer Cutler Pickering Hale and Dorr LLP was the legal advisor to the company. On the same day, the company issued a convertible promissory note to each of the lenders in the principal amount of $3,000,000, for an aggregate of $9,000,000. On May 1, 2007, the company amended the agreement, eliminated the requirement for the original purchasers to make further advances, and added an investment fund Highbridge International, LLC managed by Highbridge Capital Management, LLC as a purchaser. Pursuant to the amended agreement, the company issued a convertible promissory note to Highbridge Capital Management, LLC for $6,000,000. All other terms remains the same. On August 13, 2007, the company made a second amendment to the transaction and raised additional $10,000,000 from Ingalls & Snyder Value Partners, L.P. The investor was issued a convertible promissory note on the same terms as the notes issued earlier. The company did not make any payments to finders or placement agents. On March 18, 2008, the company raised an additional $5,000,000 through the issuance of an additional convertible promissory note to Robert Gipson. The company may raise an additional $5,000,000 from the investors upon the same terms. On December 23, 2009, the company announced that it will also issue an unsecured promissory note in the transaction. The interest on the note shall be 7% per annum and shall be computed on the basis of a year of 365 days for the actual number of days elapsed. The principal and accrued interest shall be due and payable on demand of the investor. On the company announced that it has issued an unsecured promissory note to Robert L. Gipson for gross proceeds of $350,000. On January 22, 2010, the company has issued an unsecured promissory note to Robert L. Gipson for gross proceeds of $300,000. On February 26, 2010, the company raised $100,000 through issuance of note to Robert L. Gipson. On April 20, 2010, the company raised additional $200,000 proceeds by issuing an unsecured promissory note to the same investor. On June 10, 2010, the company raised additional $150,000 proceeds by issuing an unsecured promissory note to the same investor. On July 1, 2010, the company raised additional $200,000 proceeds by issuing an unsecured promissory note to the same investor. On August 2, 2010, the company raised additional $200,000 proceeds by issuing an unsecured promissory note to the same investor. On September 7, 2010, the company raised additional $150,000 proceeds by issuing an unsecured promissory note to the same investor. On November 4, 2010, the company raised additional $250,000 proceeds by issuing an unsecured promissory note to the same investor. On December 9, 2010, the company raised additional $160,000 proceeds by issuing an unsecured promissory note to the same investor. On January 7, 2011, the company raised additional $200,000 proceeds by issuing an unsecured promissory note to the same investor. On February 8, 2011, the company raised additional $150,000 proceeds by issuing an unsecured promissory note to the same investor. On March 4, 2011, the company raised additional $100,000 proceeds by issuing an unsecured promissory note to the same investor. On March 16, 2011, the company raised additional $150,000 proceeds by issuing an unsecured promissory note to the same investor. On April 1, 2011, the company raised additional $170,000 proceeds by issuing an unsecured promissory note to the same investor. On May 2, 2011, the company raised additional $170,000 proceeds by issuing an unsecured promissory note to the same investor. On May 10, 2011, company raised additional $200,000 proceeds by issuing an unsecured promissory note to the s