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November 17, 2006

Neuro-Hitech Purchases Q-RNA for over $11M

  • Neuro-Hitech entered into a definitive merger agreement to acquire Q-RNA. Currently, Q-RNA is developing a series of novel compounds that target beta amyloid (A-beta) and are designed to halt or reverse Alzheimer's disease caused by A-beta. In addition, Q-RNA is developing a series of novel compounds for epilepsy.

    Upon the closing of the merger, L. William McIntosh, president and CEO of Q-RNA, will join Neuro-Hitech's as COO. Neuro-Hitech will also employ Q-RNA's discovery and development medical team.

    The merger consideration will consist of an aggregate of 1,800,000 shares of Neuro-Hitech common stock, warrants to purchase up to 700,000 shares of Neuro-Hitech common stock at an exercise price of $13 per share, and warrants to purchase up to 700,000 shares of Neuro-Hitech common stock at an exercise price of $18 per share.

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