<PAGE>
Exhibit 99.1
------------
BOSTON LIFE SCIENCES COMPLETES $10 MILLION COMMON STOCK PLACEMENT
WITH LEADING EUROPEAN BIOTECHNOLOGY FUND
JUNE 2, 2000, Boston, MA--Boston Life Sciences, Inc. (NASDAQ: BLSI) announced
today that a direct private placement of $10 million in common stock has been
completed with the Pictet Global Sector Fund-Biotech, which currently has
approximately $850 million in assets. The fund is advised by Mr. Michael
Sjostrom of Pictet & Cie, Geneva. Pictet & Cie is the foremost Swiss private
bank with over $100 billion in assets under management.
The Company's CEO and President, David Hillson commented, "We are extremely
gratified to have a preeminent, knowledgeable international institutional
investor take a sizable equity position in our company. Pictet has demonstrated
its ability to identify value in the biotechnology sector, as evidenced by the
stellar investment performance of its biotech fund over the last three years.
The equity financing, completed at a market related price, follows our listing
on the Nasdaq National Market earlier this month. We believe this investment
confirms the growing institutional interest in the Company's potential."
"This new investment has raised our cash level to approximately $25 million and
will enable us to feel comfortable with a moderately increased burn rate as our
portfolio of central nervous system programs continues to both expand and
mature. We expect the next eighteen months of clinical activity to enable us to
accomplish a number of important milestones, including:
. Submission of a New Drug Application (NDA) seeking approval for Altropane
as a diagnostic for the early detection of Parkinson's Disease (PD)
. Completion of one Phase II and two Phase III studies in adults of
Altropane as a diagnostic for Attention Deficit Hyperactivity Disorder
(ADHD)
. Initiation of Phase I studies in AF-1 or Inosine in stroke or spinal cord
injury
. Pre-clinical studies on Flouratec, a technetium-based diagnostic for PD
and ADHD; and BLS-0597, a therapeutic for PD, ADHD and other CNS disorders
. Initiation of a Phase I study for Troponin in metastatic cancer
While our burn rate has remained at roughly $7 million annually over the last
several years, the increasingly rapid maturation of our CNS portfolio will
result in an increase to about $9 million for 2000," added Mr. Hillson.
Under the terms of the financing, the Company issued 1,405,956 shares of common
stock to Pictet, and will receive all of the $10 million investment since no
fees were involved. The effective purchase price of $7.113 per share was based
on the weighted average sales price for the ten trading days ending May 26,
2000. A total of 500,000 warrants were also issued in two classes, some
exercisable to purchase shares of common stock at $8.00; and some exercisable at
$10.00. The Company is obligated to file a registration statement covering the
resales of common stock, including those shares issuable upon exercise of the
warrants, within thirty days of closing. For the complete details of the
financing, investors should read the current report on Form 8-K to be filed with
the Securities and Exchange Commission.
About Pictet & Cie
Founded in 1805, Pictet is one of Switzerland's leading private banks with over
$100 billion of assets under management. Employing more than 1,400 people
including over 200 investment professionals, the Pictet Group is headquartered
in Geneva and has offices in London, Zurich, Lausanne, Luxembourg, Montreal,
Hong Kong, Singapore, Tokyo, Rio de Janeiro and Nassau. Pictet's Global Sector
Fund-Biotech currently has more than $850 million under management. For more
information, visit their website at www.pictet.com.
About Boston Life Sciences, Inc.
BLSI is developing novel diagnostics and therapeutics for Parkinson's Disease
(PD) and Attention Deficit Hyperactivity Disorder (ADHD) as well as treatments
for cancer, autoimmune disease, and central nervous system disorders. BLSI's
products in development include: Altropane, a radioimaging agent for the
diagnosis of PD and ADHD; Troponin I, a naturally-occurring anti-angiogenesis
factor for the treatment of solid tumors; AF-1 and Inosine, nerve growth factors
for the treatment of acute and chronic CNS disorders; novel therapies for the
treatment of PD and ADHD; and transcription factors that may control the
expression of molecules associated with autoimmune disease and allergies.
<PAGE>
Statements made in this press release other than statements of historical fact
represent forward-looking statements. Such statements include, without
limitation, statements regarding expectations or beliefs as to future results or
events, such as the expected timing and results of clinical trials, discussions
with regulatory agencies, schedules of IND, NDA and all other regulatory
submissions, the timing of product introductions, the possible approval of
products, and the market size and possible advantages of the Company's products.
All such forward-looking statements involve substantial risks and uncertainties,
and actual results may vary materially from these statements. Factors that may
affect future results include: the availability and adequacy of financial
resources, the ability to obtain intellectual property protection, delays in the
regulatory or development processes, results of scientific data from clinical
trials, the outcome of discussions with potential partners, regulatory
decisions, market acceptance of the Company's products, and other possible risks
and uncertainties that have been noted in reports filed by the Company with the
Securities and Exchange Commission, including the Company's Annual Report on
Form 10-K.
--------------------------------------------------------------------------------
FOR FURTHER INFORMATION, PLEASE CONTACT:
<TABLE>
<CAPTION>
Investors Corporate Media
<S> <C> <C> <C>
Maria Zapf Brandon Lewis Boston Life Sciences, Inc. Jim Weinrebe
Boston Life Sciences, Inc. The Trout Group Marc Lanser, MD Schwartz Communications
617.425.0200, ext.17 212.477.9007, ext. 15 Chief Scientific Officer 781.684.0770
www.bostonlifesciences.com www.troutgroup.com 617.425.0200 www.schwartz-pr.com
</TABLE>
