By Devika Patel
Knoxville, Tenn., Nov. 29 - Neuro-Hitech, Inc. announced it will raise $5 million in a private placement of units.
The company will sell 1.25 million units at $4.00 each. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at $7.00 for the earlier of six months or 30 days after the common shares underlying the warrants are registered with the Securities and Exchange Commission, in which case the exercise price will be lowered to $5.00.
Proceeds will be used to complete the phase 2 trial of Huperzine A and begin its phase 3 trial, which is being tested for safety and efficacy in treating Alzheimer's disease, and to conduct a phase 1 trial for a transdermal formulation of the drug.
Neuro-Hitech is a New York-based biopharmaceutical company that is focused on developing next-generation therapies against proven targets for neurodegenerative diseases.
| Issuer: | Neuro-Hitech, Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $5 million
|
| Units: | 1.25 million
|
| Price: | $4.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant strike price: | $7.00
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| Warrant expiration: | Six months or 30 days after the underlying shares are registered
|
| Pricing date: | Nov. 29
|
| Stock symbol: | Nasdaq: NHPI
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| Stock price: | $4.20 at close Nov. 29
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