Exhibit 99.1

                              FOR IMMEDIATE RELEASE

         BOSTON LIFE SCIENCES COMPLETES $10 MILLION COMMON STOCK PRIVATE
                                   PLACEMENT

March 12, 2003 Boston, MA--Boston Life Sciences, Inc. (NASDAQ: BLSI) announced
today that it has completed a private placement of $10 million in common stock
with a small group of individual investors. The Company's President, Dr. Robert
J. Rosenthal commented, "We are pleased to close this financing, particularly
during this difficult period for biotechnology. These funds will be used to
support our operations through the period in which the Company expects to file
an NDA for Altropane as a diagnostic for Parkinson's disease and to initiate
Phase I clinical trials of Inosine in stroke."

Under the terms of the financing, the Company issued 10,000,000 shares of common
stock at a purchase price of $1.00 per share to the investors. There were no
placement agent fees incurred in the transaction. Upon the request of the
investor, the Company is obligated to file a registration statement covering the
resale of the common stock. 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: ALTROPANETM and FLUORATECTM 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