Neuro-Hitech, Inc. Announces Private Offering of $5.0 Million

NEW YORK--(BUSINESS WIRE)--Neuro-Hitech, Inc. (NASDAQ: NHPI), a New York-based biopharmaceutical company that is focused on developing next-generation therapies against proven targets for neurodegenerative diseases, today announced that it has entered into an agreement to sell 1,250,000 shares of its common stock and warrants to purchase 625,000 shares of its common stock for $5.0 million in a private offering. The exercise price of the warrants will be $7.00 per share unless the warrants are exercised prior to the later of (i) April 30, 2008 or (ii) thirty 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 $5.00 per share. The closing of the offering is subject to customary closing conditions.