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Neuro-Hitech, Inc. (NHPI) Announces Modification of Terms of Acquisition of MCR American Pharmaceuticals and AMBI Pharmaceuticals
11/20/2008
NEW YORK--(BUSINESS WIRE)--Neuro-Hitech, Inc. (OTC BB: NHPI.OB - News), a New York-based pharmaceutical company focused on the development, marketing and distribution of branded and generic pharmaceutical products, today announced the modification of the terms of its June 6, 2008 acquisition of MCR American Pharmaceuticals, Inc. (“MCR”) and AMBI Pharmaceuticals, Inc. (“AMBI”). The modification of the original agreement eliminates approximately $6 million in indebtedness previously issued to David Ambrose, the seller of MCR and AMBI, cancellation of approximately $1 million in payables owed by MCR and AMBI, and provides Neuro-Hitech with an inventory credit of approximately $1.26 million.
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