Neuro-Hitech Pharmaceuticals, Inc. Begins Trading under Symbol ''NHPI''; Private Placement of $4.35 Million Coincides with Reverse Merger.NEW YORK -- Neuro-Hitech Pharmaceuticals, Inc., a drug development company engaged in the development and commercialization of Huperzine A (HupA) for a variety of degenerative neurological disorders, today announced its stock will begin trading under the symbol OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: NHPI NHPI N-hydroxyphthalimide NHPI National Health Provider Inventory NHPI Native Hawaiian and Pacific Islander today, February 2, 2006. Neuro-Hitech completed a reverse merger with Northern Way Resources, Inc. The Company also sold 1,740,000 shares of common stock and warrants to purchase 435,000 shares of common stock exercisable at $5.00 per share for a purchase price of $25,000 per unit, each unit consisting of 10,000 shares and warrants for 2,500 shares. In exchange for the units, the Company received cash proceeds of $4.35 million. Reuben Seltzer is the President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Neuro-Hitech as well as founding shareholder, and Alan Kestenbaum is Executive Vice President and a founding shareholder of Neuro-Hitech. Through a collaboration with the Alzheimer's Disease Cooperative Study, the National Institutes of Health (NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. ), and Georgetown University Medical Center Georgetown University Medical Center (GUMC) is the medical campus at Georgetown University. It is co-located with Georgetown University Hospital on the University's main campus in Washington, DC. , Neuro-Hitech has completed Phase I studies and is currently conducting a Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II for HupA, a cholinesterase inhibitor that may be effective in the treatment of Alzheimer's Disease. The company also believes that it may, in future, test the effectiveness of HupA in the treatment of Mild Cognitive Impairment mild cognitive impairment (MCI), n memory loss generally associated with aging; does not affect normal independent functioning of an individual. . Seltzer said, "We are excited by these events which we believe will give us the resources to complete our Phase II study and further our product development programs." About Neuro-Hitech Pharmaceuticals, Inc. Neuro-Hitech Pharmaceuticals, Inc., is a drug development company engaged in the development and commercialization of Huperzine A (HupA) for a variety of degenerative neurological disorders. Huperzine A is a plant alkaloid derived from the Chinese club moss plant. This release contains forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company's control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include results of current or pending research and development activities, actions by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. and other regulatory authorities, and those factors detailed in the Company's filings with the Securities and Exchange Commission such as 10K, 10Q and 8K reports. |
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