YES. Each semester, BIOL 1950 in fall and 1960 in spring, counts as a full credit. So, doing both means two full course credits.
Students in Biological Sciences may use two semesters towards their concentration programs, but if more are done, these would be considered electives courses OUTSIDE of the concentration program.
For more information on Research projects for undergrads: http://bms.brown.edu/bug/ugres.html
- Guidelines (pdf) and Guide Book (pdf)
- Steps to Register for BIOL 1950/1960 (pdf)
You will also find the exhaustive library of Biomed faculty research at the "Research Projects Collection" link at this site.