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news.US based pharmaceutical company Neuro-Hitech has acquired MCR American Pharmaceuticals and AMBI Pharmaceuticals.
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MCR and AMBI are engaged in a specialty pharmaceutical business focusing on the development, marketing and distribution of branded and generic pharmaceutical products targeted primarily to the cough and cold markets.
In connection with the acquisition, Neuro-Hitech issued consideration consisting of an aggregate of – $4.4 million in cash, two promissory notes with an aggregate principal amount of $6 million and 3,033,333 shares of restricted Neuro-Hitech common stock. The shares issued in connection with the acquisition are subject to lock-up for between 12 and 30 months.
Neuro-Hitech concurrently closed on a private offering of 12.1 million shares of its common stock for an aggregate of $3.025 million in cash.
Neuro-Hitech has also appointed Matt Colpoys as its new president and CEO, and as a director. Mr Colpoys replaces Gary Shearman, who resigned concurrent with the acquisition to pursue other interests. Mr Colpoys has over 20 years experience in the pharmaceutical industry, most recently as vice-president of marketing and sales at Insmed.