Boston Life Sciences Announces Exercise of Warrants

    Business Editors

    BOSTON--(BUSINESS WIRE)--Feb. 14, 2005--Boston Life Sciences, Inc. (NASDAQ: BLSI) announced the exercise of warrants for the purchase of 464,025 shares of common stock which resulted in proceeds to the Company of approximately $1,044,055. Ingalls & Snyder Value Partners, L.P. and Robert Gipson, a former director, were among the parties exercising the warrants. In consideration of the immediate exercise of the warrants, the Company reduced their per share exercise price to $2.25. The Company will record a non-cash charge in the first quarter of 2005 in connection with the re-pricings.
    "The exercise of these warrants will provide the Company with needed short term capital while we evaluate our long term financing requirements" stated Peter Savas, the Company's CEO. "We are grateful that the warrant holders were willing to relinquish the potential long term value of the warrants in return for a price adjustment that we believe represents a very modest discount to the current market price of our stock."
    All per share prices and warrant and share numbers have been adjusted to reflect a 1-for-5 reverse stock split effected by the Company on February 4, 2005.
    For further information, please refer to the Company's Report on Form 8-K to be filed with the SEC.
    Boston Life Sciences, Inc. (BLSI) is engaged in the research and clinical development of novel diagnostic and therapeutic products for central nervous system (CNS) disorders. ALTROPANE(R), the company's lead program, is in Phase III for the diagnosis of Parkinson's disease and Phase II for the diagnosis of Attention Deficit Hyperactivity Disorder (ADHD). The Company's research and pre-clinical CNS programs include O-1369 for the treatment of Parkinson's disease and Inosine for the treatment of stroke. BLSI's current research collaborations include Harvard Medical School, Children's Hospital of Boston and the University of Massachusetts-Worcester.
    Statements in this press release regarding management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company's Annual Report on 10-K 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, the Company's actual results may differ materially from the results discussed in or implied by the forward-looking statements contained herein. Forward-looking statements include statements regarding Boston Life Sciences' expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "believe," "estimate," "intend," "should" and "will" or similar words. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
    Our logo, trademarks, and service marks are the property of Boston Life Sciences, Inc. All other trade names, trademarks, or service marks are property of their respective owners and are not the property of Boston Life Sciences, Inc.

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CONTACT: Boston Life Sciences, Inc. Joseph Hernon, 617-425-0200 Jhernon@Bostonlifesciences.Com

KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: BANKING PHARMACEUTICAL MEDICAL BIOTECHNOLOGY SOURCE: Boston Life Sciences, Inc.

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