Exhibit 99.4

  BOSTON LIFE SCIENCES COMPLETES $3.4 MILLION COMMON STOCK PRIVATE PLACEMENT

March 12, 2002 Boston, MA--Boston Life Sciences, Inc. (NASDAQ: BLSI) announced
today that it has completed a private placement of $3.4 million in common stock
with a small group of individual and institutional investors. The Company's CEO
and President, David Hillson commented, "This relatively modest equity
financing, completed at a market based price, will provide additional financial
resources to fully support our clinical trial programs planned for 2002."

Under the terms of the financing, the Company issued 1,599,568 shares of common
stock at a purchase price of $2.15 per share to the investors. Warrants to
purchase a total of 399,892 shares of common stock were also issued to the
investors which are exercisable to purchase shares of common stock at $2.75 per
share through March 11, 2007. Brimberg & Co. L.P. acted as placement agent with
respect to the offering. The Company is obligated to file a registration
statement covering the resale of the common stock issued in the financing,
including shares issuable upon exercise of the warrants, within 90 days of
closing. For additional information about the financing, interested parties
should read the current report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission.

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(TM) and FLUORATEC(TM) radioimaging
agents 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.

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:


                                Corporate
                                Joseph Hernon
                                Chief Financial Officer
                                Boston Life Sciences, Inc.
                                617.425.0200
                                jhernon@bostonlifesciences.com