New Issue: Manhattan Pharmaceuticals settles $3.03 million tranche of units sale

By Devika Patel

Knoxville, Tenn., April 14 - Manhattan Pharmaceuticals, Inc. settled a $5.58 million private placement of units with a final $3.03 million tranche. The company raised $2.55 million on March 2.

The company sold 101.9 units in the first tranche and approximately 121 units in the second. Each unit consisted of 357,143 common shares and 535,714 warrants. Each warrant is exercisable at $0.08 for five years.

National Securities Corp. was the agent.

Proceeds will be used to advance the company's products and for general corporate purposes.

New York-based Manhattan Pharmaceuticals is a specialty health care products company.

Issuer:	Manhattan Pharmaceuticals, Inc.
Issue:	Units of 357,143 common shares and 535,714 warrants
Amount:	$5,576,886
Units:	222.9 (approximate)
Warrants:	535,714 warrants per unit
Warrant expiration:	Five years
Warrant strike price:	$0.08
Agent:	National Securities Corp.
Settlement date:	March 2 (for $2,547,500), April 14 (for $3,029,386)
Stock symbol:	OTCBB: MHAN
Stock price:	$0.07 at close March 2
Market capitalization:	$7.99 million

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