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Alseres Raises $5 Million From Former Director, Robert Gipson

Alseres Pharmaceuticals, (NASDAQ: 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.