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news.Neuro-Hitech has entered into an agreement to sell 1.25 million shares of its common stock and warrants to purchase 625,000 shares of its common stock for $5 million in a private offering.
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The exercise price of the warrants will be $7 per share unless the warrants are exercised prior to the later of April 30, 2008 or 30 days after a registration statement registering the shares of common stock underlying the warrants is declared effective by the Securities and Exchange Commission, in which case the exercise price will be $5 per share. The closing of the offering is subject to customary closing conditions.
The net proceeds raised in the offering will enable the company to complete the Phase II trial of Huperzine A, which is being tested for the treatment of mild to moderate Alzheimer’s disease.
Gary Shearman, president and CEO of Neuro-Hitech, said: “We are pleased to obtain this capital investment at a critical juncture in our company’s development. We believe this additional capital will allow us to embark on the next phase of our development and position us closer to making important contributions to the needs of Alzheimer’s patients and their families.”