<PAGE>

                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549
                                   FORM 10-Q

(Mark One)

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

     For the quarterly period ended  March 31, 2000
                                    ----------------

                                       or

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

     For the transition period from ____________________ to ____________________

Commission File Number     0-6533
                           ------

                           Boston Life Sciences, Inc.
             (Exact name of registrant as specified in its charter)

                      Delaware                                87-0277826
           (State or other jurisdiction of                  (IRS Employer
            incorporation or organization)                Identification No.)


137 Newbury Street, 8th Floor, Boston, Massachusetts            02116
       (Address of principal executive offices)               (Zip code)



                                 (617) 425-0200
              (Registrant's telephone number, including area code)

                                 Not Applicable
   (Former name, former address and former fiscal year, if changed since last
                                    report)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                   (X)    Yes                     (  )    No

As of May 5, 2000 there were 18,982,081 shares of Common Stock outstanding.
<PAGE>

                           BOSTON LIFE SCIENCES, INC.

                               INDEX TO FORM 10-Q

<TABLE>
<CAPTION>

                                                                        Page (s)
                                                                        --------
<S>                                                                     <C>

Part I - Financial Information

  Item 1 - Financial Statements (Unaudited)

     Consolidated Balance Sheets as of March 31, 2000
     and December 31, 1999                                                   1

     Consolidated Statements of Operations for the three months
     ended March 31, 2000 and 1999, and for the period from
     inception (October 16, 1992) to March 31, 2000                          2

     Consolidated Statements of Cash Flows for the three months
     ended March 31, 2000 and 1999, and for the period from
     inception (October 16, 1992) to March 31, 2000                          3

     Notes to Consolidated Financial Statements                          4 - 6

  Item 2 - Management's Discussion and Analysis of Financial
           Condition and Results of Operations                           7 - 9

  Item 3 - Quantitative and Qualitative Disclosures about Market Risk        9

Part II - Other Information

  Item 1 - Legal Proceedings                                                10

  Item 2 - Changes in Securities                                            10

  Item 3 - Defaults Upon Senior Securities                                  10

  Item 4 - Submission of Matters to a Vote of Security Holders              10

  Item 5 - Other Information                                                10

  Item 6 - Exhibits and Reports on Form 8-K                                 10

Signatures                                                                  11

</TABLE>

<PAGE>

Part I - Financial Information
Item 1 - Financial Statements

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

                          Consolidated Balance Sheets
                                  (Unaudited)

<TABLE>
<CAPTION>

                                                                                 March 31,               December 31,
                                                                                   2000                      1999
                                                                               ------------              ------------
<S>                                                                            <C>                       <C>
Assets
Current assets:
  Cash and cash equivalents                                                    $    567,936              $    260,134
  Short-term investments                                                         15,125,884                14,690,308
  Other current assets                                                              427,803                   599,943
                                                                               ------------              ------------
      Total current assets                                                       16,121,623                15,550,385
Fixed assets, net                                                                    42,054                    10,796
Other assets                                                                        193,547                   511,031
                                                                               ------------              ------------

      Total assets                                                             $ 16,357,224              $ 16,072,212
                                                                               ============              ============

Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable and accrued expenses                                        $  2,356,693              $  1,803,667

8% convertible redeemable debentures, due September 2003                                  -                 4,647,192
Series C convertible redeemable preferred stock, $.01 par value;
 475,000 shares authorized; 53,669 shares issued and outstanding at
 December 31, 1999                                                                        -                 1,046,546

Stockholders' equity:
  Series A convertible preferred stock, $.01 par value; 15,000 shares
   authorized; 4,983 shares issued and outstanding at December 31,
   1999                                                                                   -                        50
  Common stock, $.01 par value; 30,000,000 shares authorized;
   18,826,466 and 16,280,473 shares issued and outstanding at March
   31, 2000 and December 31, 1999, respectively                                     188,265                   162,805
  Additional paid-in capital                                                     71,323,717                63,093,089
  Accumulated other comprehensive loss                                             (432,321)                 (553,157)
  Deficit accumulated during development stage                                  (57,079,130)              (54,127,980)
                                                                               ------------              ------------
      Total stockholders' equity                                                 14,000,531                 8,574,807
                                                                               ------------              ------------
      Total liabilities and stockholders' equity                               $ 16,357,224              $ 16,072,212
                                                                               ============              ============
</TABLE>



   The accompanying notes are an integral part of the consolidated financial
                                  statements.

                                       1
<PAGE>

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

                     Consolidated Statements of Operations
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                                              From Inception
                                                                 Three Months Ended                            (October 16,
                                                                      March 31,                                  1992) to
                                                           2000                         1999                  March 31, 2000
                                                       ------------                -------------              --------------
<S>                                                    <C>                          <C>                       <C>
Revenues                                                $         -                  $         -               $    900,000
Operating expenses:
 Licensing fees                                             100,000                            -                    833,683
 Research and development                                 1,851,249                      933,463                 24,388,684
 Therafectin related                                              -                      577,684                  8,781,458
 General and administrative                                 766,104                      696,968                 13,682,773
 Purchased in-process research and
  development                                                     -                            -                 12,146,544
                                                       ------------                -------------              --------------
   Total operating expenses                               2,717,353                    2,208,115                 59,833,142
                                                       ------------                -------------              --------------
   Loss from operations                                  (2,717,353)                  (2,208,115)               (58,933,142)
Interest expense                                           (344,870)                           -                 (2,252,457)
Interest income                                             111,073                      128,830                  4,106,469
                                                       ------------                -------------              --------------
   Net loss                                             $(2,951,150)                 $(2,079,285)              $(57,079,130)
                                                       ============                =============              =============

Calculation of net loss available to common
 shareholders:
   Net loss                                             $(2,951,150)                 $(2,079,285)
   Preferred stock preferences                                    -                   (4,240,000)
                                                       ------------                -------------
   Net loss available to common shareholders            $(2,951,150)                 $(6,319,285)
                                                       ============                =============

Calculation of basic and diluted net loss
 per share available to common shareholders:
   Net loss per share                                   $     (0.17)                 $     (0.15)
   Preferred stock preferences per share                          -                  $     (0.31)
                                                       ------------                -------------
   Basic and diluted net loss per share
    available to common shareholders                    $     (0.17)                 $     (0.46)
                                                       ============                =============
Weighted average shares outstanding                      17,055,434                   13,747,569
                                                       ============                =============
</TABLE>


   The accompanying notes are an integral part of the consolidated financial
                                  statements.

                                       2
<PAGE>

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

                     Consolidated Statements of Cash Flows
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                                                              From Inception
                                                                        Three Months Ended                     (October 16,
                                                                            March 31,                             1992) to
                                                                 2000                      1999               March 31, 2000
                                                             ------------             ------------            --------------
<S>                                                          <C>                      <C>                     <C>

Cash flows from operating activities:
 Net loss                                                     $(2,951,150)             $(2,079,285)            $(57,079,130)
 Adjustments to reconcile net loss to net cash used
  for operating activities:
  Purchased in-process research and development                         -                        -               12,146,544
  Debenture interest expense                                      142,861                        -                  142,861
  Compensation charge related to options and warrants                   -                    6,000                1,815,170
  Write-off of acquired technology                                      -                        -                3,500,000
  Accretion of discount on convertible debentures                 189,632                        -                  436,824
  Amortization and depreciation                                    14,967                    5,500                1,506,349
  Changes in current assets and liabilities:
   Decrease in other current assets                               172,140                  363,049                  236,022
   Increase (decrease) in accounts payable and
    accrued expenses                                              622,015                  (77,930)               1,478,017
                                                             ------------             ------------            -------------
Net cash used for operating activities                         (1,809,535)              (1,782,666)             (35,817,343)
                                                             ------------             ------------            -------------
Cash flows from investing activities:
 Cash acquired through merger                                           -                        -                1,758,037
 Purchases of fixed assets                                        (33,848)                       -                 (302,928)
 Increase in other assets                                          (2,158)                       -                 (352,044)
 Short term investments:
  Purchases                                                    (3,542,333)              (2,952,298)             (61,268,753)
  Sales and maturities                                          3,227,593                1,560,728               45,710,548
                                                             ------------             ------------            -------------
Net cash used for investing activities                           (350,746)              (1,391,570)             (14,455,140)
                                                             ------------             ------------            -------------
Cash flows from financing activities:
 Proceeds from issuance of common stock                         2,468,083                3,042,684               19,240,340
 Proceeds from issuance of preferred stock                              -                6,150,000               27,022,170
 Preferred stock conversion inducement                                  -                        -                 (600,564)
 Proceeds from issuance of notes payable                                -                        -                2,585,000
 Proceeds from issuance of convertible debentures                       -                        -                9,000,000
 Principal payments of notes payable                                    -                        -               (2,796,467)
 Payment of note issuance costs                                         -                        -                 (399,702)
 Payment of convertible debenture issuance costs                        -                        -                 (343,208)
 Payment of stock issuance and merger transaction
  costs                                                                 -                 (512,852)              (2,867,150)
                                                             ------------             ------------            -------------
Net cash provided by financing activities                       2,468,083                8,679,832               50,840,419
                                                             ------------             ------------            -------------
Net increase in cash and cash equivalents                         307,802                5,505,596                  567,936
Cash and cash equivalents, beginning of period                    260,134                   71,834                        -
                                                             ------------             ------------            -------------
Cash and cash equivalents, end of period                      $   567,936              $ 5,577,430             $    567,936
                                                             ============             ============            =============

Supplemental cash flow disclosures:
 Non cash transactions (see note 3)
</TABLE>

   The accompanying notes are an integral part of the consolidated financial
                                  statements.

                                       3
<PAGE>

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

             Notes to Consolidated Financial Statements (Unaudited)
                                 March 31, 2000



1. Basis of Presentation

   The accompanying unaudited consolidated financial statements have been
   prepared in accordance with generally accepted accounting principles for
   interim financial information and pursuant to the rules and regulations of
   the Securities and Exchange Commission.  Accordingly, these financial
   statements do not include all of the information and footnotes required by
   generally accepted accounting principles for complete financial statements.

   The interim unaudited consolidated financial statements contained herein
   include, in management's opinion, all adjustments (consisting of normal
   recurring adjustments) necessary for a fair presentation of the financial
   position, results of operations, and cash flows for the periods presented.
   The results of operations for the interim period shown on this report are not
   necessarily indicative of results for a full year.  These financial
   statements should be read in conjunction with the Company's consolidated
   financial statements and notes for the year ended December 31, 1999 included
   in the Company's Annual Report on Form 10-K.

2. Net Loss Per Share

   Basic and diluted net loss per share available to common stockholders has
   been calculated by dividing net loss, adjusted for preferred stock
   preferences, by the weighted average number of common shares outstanding
   during the period. All potential common shares have been excluded from the
   calculation of weighted average common shares outstanding since their
   inclusion would be anti-dilutive.

   Stock options and warrants to purchase approximately 6.4 million and
   approximately 4.5 million shares of common stock were outstanding at March
   31, 2000 and 1999, respectively, but were not included in the computation of
   diluted net loss per common share because they were anti-dilutive.  Also
   excluded were approximately 1.8 million shares of common stock issuable upon
   the conversion of Series A and Series C preferred stock outstanding at March
   31, 1999.  The exercise of these stock options and warrants, or the
   conversion of the preferred stock, could potentially dilute earnings per
   share in the future.

                                       4
<PAGE>

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

             Notes to Consolidated Financial Statements (Unaudited)


3. Supplemental Disclosure of Non-cash Investing and Financing Activities

   During the three months ended March 31, 2000, the Company issued 87,121 and
   300,614 shares of common stock resulting from the conversion of 4,983 and
   53,669 shares of Series A and Series C preferred stock, respectively.  During
   the three months ended March 31, 2000, the Company also issued 1,573,956
   shares of common stock resulting from the conversion of convertible
   debentures with a face value of $8 million plus accrued interest of
   approximately $212,000.  The carrying value of the debentures plus the
   accrued interest net of deferred financing costs of approximately $307,000
   was reclassified to additional paid-in capital upon conversion of the
   debentures.  During the three months ended March 31, 1999, the Company issued
   57,874 shares of common stock resulting from the conversion of 3,300 shares
   of Series A preferred stock.

4. Comprehensive Loss

   The Company had total comprehensive loss of $2,830,314 and $2,209,579 for the
   three months ended March 31, 2000 and 1999, respectively, and included
   unrealized gains on investments.

5. Stockholders' Equity

   In February 1999, the Company completed a private placement of Series C
   convertible preferred stock, $.01 par value, which raised approximately $5.6
   million in net proceeds.

   In February 1999, the Company completed a private placement of 647,668 shares
   of common stock which raised approximately $2.3 million in net proceeds.

6. Accounting Pronouncements

   In June 1998, the Financial Accounting Standards Board ("FASB") issued
   Statement of Financial Accounting Standards No. 133, "Accounting for
   Derivative Instruments and Hedging Activities" ("SFAS 133"), which was
   amended by SFAS No. 137 and is effective for all fiscal quarters of fiscal
   years beginning after June 15, 2000. The statement requires that all
   derivative investments be recorded in the balance sheet at fair value.
   Changes in the fair value of derivatives are recorded each period in current
   earnings or comprehensive income depending on whether a derivative is
   designated as part of a hedge transaction, and the type of hedge transaction.
   The Company does not expect the adoption of the statement to have a material
   effect on its financial statements.

   In December 1999, the Securities and Exchange Commission ("SEC") issued Staff
   Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements"
   ("SAB 101"), which is effective for the Company's quarter ending June 30,
   2000 and all future quarters. SAB 101 clarifies the SEC's views related to
   revenue recognition and disclosure. The Company does not expect the
   provisions of SAB 101 to have a material effect on the Company's prior period
   results.

                                       5
<PAGE>

                           Boston Life Sciences, Inc.
                        (A Development Stage Enterprise)

             Notes to Consolidated Financial Statements (Unaudited)


   In March 2000, the FASB issued FASB Interpretation No. 44, "Accounting for
   Certain Transactions Involving Stock Compensation - an interpretation of APB
   Opinion No. 25" ("FIN 44").  FIN 44 clarifies the application of APB Opinion
   No. 25 to certain issues including: the definition of an employee for
   purposes of applying APB Opinion No. 25; the criteria for determining whether
   a plan qualifies as a noncompensatory plan; the accounting consequence of
   various modifications to the terms of previously fixed stock options or
   awards; and the accounting for the exchange of stock compensation awards in a
   business combination.  FIN 44 is effective July 1, 2000, but certain
   conclusions in FIN 44 are applicable retroactively to specific events
   occurring after either December 15, 1998 or January 12, 2000.  The Company
   does not expect the application of FIN 44 to have a material impact on the
   Company's financial position or results of operations.

                                       6
<PAGE>

Item 2.              Management's Discussion and Analysis
                of Financial Condition and Results of Operations
                                (March 31, 2000)


     This Quarterly Report on Form 10-Q contains forward-looking statements.
Specifically, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements.  Without
limiting the foregoing, the words "believes," "anticipates," "plans," "expects,"
and similar expressions are intended to identify forward-looking statements.
There are a number of meaningful factors that could cause the Company's actual
results to differ materially from those indicated by any such forward-looking
statements.  These factors include, without limitation, the duration and results
of clinical trials and their effect on the Food & Drug Administration ("FDA")
regulatory process, uncertainties regarding receipt of approvals for any
possible products and any commercial acceptance of such products, possible
difficulties with obtaining necessary patent protection, and uncertainties
regarding the outcome of any of the Company's collaborations or alliances with
third parties.  Other factors include those set forth under the caption
"Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the
year ended December 31, 1999 and the documents referred to under such caption.

Results of Operations

 Overview

     The Company is a biotechnology company engaged in the research and
development of novel therapeutic and diagnostic products to treat chronic
debilitating diseases such as cancer, central nervous system disorders and
autoimmune diseases.  The Company expects that its research and development
costs will continue to increase as the Company attempts to gain regulatory
approval for commercial introduction of its proposed products.  At March 31,
2000, the Company is considered a "development stage enterprise" as defined in
Statement of Financial Accounting Standards No. 7.


 Three Months Ended March 31, 2000 and 1999

     The Company's net loss was $2,951,150 during the three months ended March
31, 2000 as compared with $2,079,285 during the three months ended March 31,
1999.  Net loss per common share, excluding preferred stock preferences, equaled
$0.17 per share for the 2000 period as compared to $0.15 per share for the 1999
period.  The higher net loss in the 2000 period was primarily due to higher
research and development costs and interest expense incurred on the convertible
debentures issued in September 1999.  These items were partially offset by lower
Therafectin related expenses.

     The net loss available to common stockholders for the 1999 period,
including preferred stock preferences of $4,240,000, totaled $6,319,285.  Net
loss per common share for the 1999 period, including $0.31 attributable to
preferred stock preferences, totaled $0.46.  In February 1999, the Company
completed a private placement of Series C convertible preferred stock and
warrants.  Based on the market price of the Company's stock on the date of
issuance, the preferred stock had a beneficial conversion feature with an
intrinsic value of approximately $1.9 million and the warrants had a fair value
of approximately $1.8 million, which amounts are included in the preferred stock
preferences.

     Research and development expenses were $1,851,249 during the three months
ended March 31, 2000 as compared with $933,463 during the three months ended
March 31, 1999.  The increase was primarily attributable to expenditures related
to the Phase III clinical trial for Altropane which was initiated in March 1999
and which completed trial enrollment in March 2000, and to the development of a
good manufacturing process ("GMP") in preparation for the filing of a new drug
application.

                                       7
<PAGE>

     Licensing fees expense was $100,000 during the three months ended March 31,
2000 as compared with zero during the three months ended March 31, 1999.  The
licensing fee incurred during the 2000 period is related to the expanded use,
for a new medical indication, of a technology previously licensed by the
Company.  In addition to an initial licensing fee payment, the Company is
obligated to pay additional amounts upon the attainment of development
milestones, as defined in each respective licensing agreement, as well as
royalties upon the sales of any resulting products.  The Company expects to pay
future licensing fees, the timing and amounts of which will depend upon the
progress attained in developing existing technologies and the terms of
agreements which may be executed for technologies currently being developed or
which may be developed in the future. There can be no assurance regarding the
likelihood or materiality of any such future licensing agreements.

     Therafectin related expenses were zero during the three months ended March
31, 2000 as compared with $933,463 during the three months ended March 31, 1999.
The Company is presently evaluating its future plans but does not plan to commit
substantial additional financial resources on the development of Therafectin.
Expenses during the 1999 period primarily related to manufacturing costs related
to the production of three lots of GMP material as required under applicable law
and regulations for the Company's amended New Drug Application filing with the
FDA.

     General and administrative expenses were $766,104 during the three months
ended March 31, 2000 as compared with $696,968 during the three months ended
March 31, 1999.  This increase was primarily due to higher compensation
expenses, partially associated with increased headcount.

     Interest income was $111,073 during the three months ended March 31, 2000
as compared with $128,830 during the three months ended March 31, 1999.  This
decrease reflects the inclusion of approximately $118,000 of realized losses on
the Company's investment portfolio during the 2000 period.  The effect of these
losses was partially offset by a higher level of interest income during the 2000
period primarily related to higher average short-term investments, cash and cash
equivalent balances as compared to the 1999 period.  Interest expense was
$344,870 during the three months ended March 31, 2000 as compared with zero
during the three months ended March 31, 1999.  In September 1999, the Company
issued $8 million of 8% convertible debentures, and incurred $142,861 in non-
cash interest on the 8% coupon and $189,632 in non-cash interest associated with
the accretion of the discounted carrying value of the debentures in the 2000
period.

Liquidity and Capital Resources

     Since its inception, the Company has primarily satisfied its working
capital requirements from the sale of the Company's securities through private
placements. These private placements have included the sale of preferred stock
and common stock, as well as notes payable and convertible debentures. Each
private placement has included the issuance of warrants to purchase common
stock. A summary of financings completed during the three years ended March 31,
2000 is as follows:

<TABLE>
<CAPTION>

Date                    Net Proceeds Raised          Securities Issued
----                    -------------------          -----------------
<S>                     <C>                          <C>
September 1999          $7.4 million                 Convertible debentures
February 1999           $2.3 million                 Common stock
February 1999           $5.6 million                 Preferred stock
</TABLE>

In the future, the Company's working capital and capital requirements will
depend on numerous factors, including the progress of the Company's research and
development activities, the level of resources that the Company devotes to the
developmental, clinical, and regulatory aspects of its products, and the

                                       8
<PAGE>

extent to which the Company enters into collaborative relationships with
pharmaceutical and biotechnology companies.

     At March 31, 2000, the Company had available cash, cash equivalents and
short term investments of approximately $15.7 million and working capital of
approximately $13.8 million.  The Company believes that the level of financial
resources available at March 31, 2000 will provide sufficient working capital to
meet its anticipated expenditures for more than the next twelve months.  The
Company may raise additional capital in the future through collaborative
agreements with other pharmaceutical or biotechnology companies, debt financings
and equity offerings.  There can be no assurance, however, that the Company will
be successful or that additional funds will be available on acceptable terms, if
at all.

Accounting Pronouncements

     In June 1998, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 133, "Accounting for Derivative
Instruments and Hedging Activities" ("SFAS 133"), which was amended by SFAS No.
137 and is effective for all fiscal quarters of fiscal years beginning after
June 15, 2000. The statement requires that all derivative investments be
recorded in the balance sheet at fair value. Changes in the fair value of
derivatives are recorded each period in current earnings or comprehensive income
depending on whether a derivative is designated as part of a hedge transaction,
and the type of hedge transaction. The Company does not expect the adoption of
the statement to have a material effect on its financial statements.

     In December 1999, the Securities and Exchange Commission ("SEC") issued
Staff Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements"
("SAB 101"), which is effective for the Company's quarter ending June 30, 2000
and all future quarters. SAB 101 clarifies the SEC's views related to revenue
recognition and disclosure. The Company does not expect the provisions of SAB
101 to have a material effect on the Company's prior period results.

     In March 2000, the FASB issued FASB Interpretation No. 44, "Accounting for
Certain Transactions Involving Stock Compensation - an interpretation of APB
Opinion No. 25" ("FIN 44").  FIN 44 clarifies the application of APB Opinion No.
25 to certain issues including: the definition of an employee for purposes of
applying APB Opinion No. 25; the criteria for determining whether a plan
qualifies as a noncompensatory plan; the accounting consequence of various
modifications to the terms of previously fixed stock options or awards; and the
accounting for the exchange of stock compensation awards in a business
combination.  FIN 44 is effective July 1, 2000, but certain conclusions in FIN
44 are applicable retroactively to specific events occurring after either
December 15, 1998 or January 12, 2000.  The Company does not expect the
application of FIN 44 to have a material impact on the Company's financial
position or results of operations.

Item 3 - Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in the reported market risks since December
31, 1999.

                                       9
<PAGE>

                          PART II -- OTHER INFORMATION
                          ----------------------------


ITEM 1:  LEGAL PROCEEDINGS.
         -----------------

         None.

ITEM 2:  CHANGES IN SECURITIES.
         ---------------------

         None.

ITEM 3:  DEFAULTS UPON SENIOR SECURITIES.
         -------------------------------

         None.

ITEM 4:  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
         ---------------------------------------------------

         None.

ITEM 5:  OTHER INFORMATION.
         -----------------

         (a)  Exhibits.

              None.

Item 6:  EXHIBITS AND REPORTS ON FORM 8-K.
         --------------------------------

         (a)  Exhibits.

              27.1  Financial Data Schedule

         (b)  Reports on Form 8-K:  The Registrant filed the following reports
              on Form 8-K during the quarter ended March 31, 2000.


                    Date of Report             Item Reported
                    --------------             -------------
                    January 11, 2000                5, 7
                    January 21, 2000                5, 7
                    February 1, 2000                5, 7



                                       10
<PAGE>

                                   SIGNATURES
                                   ----------


     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                      BOSTON LIFE SCIENCES, INC.
                                      --------------------------
                                         (Registrant)


DATE:   May 15, 2000                  /s/ S. David Hillson
                                      --------------------------------------
                                      S. David Hillson
                                      President and Chief Executive Officer
                                      (Principal Executive Officer)


                                      /s/ Joseph Hernon
                                      --------------------------------------
                                      Joseph Hernon
                                      Chief Financial Officer
                                      (Principal Financial and Accounting
                                        Officer)

                                       11