Heads up folks, I am buying all the MHAN I can get at this price. News was out an hour ago that they got 2.5 million dollars in financing and will complete the merger in less than 2 weeks! MHAN is still only .065 as type!
Manhattan Pharmaceuticals Completes $2.5 Million Financing
BY GlobeNewswire
— 07:35 AM ET 03/04/2010
NEW YORK, March 4, 2010 (GLOBE NEWSWIRE) -- Manhattan Pharmaceuticals, Inc. (MHAN
MHAN MANHATTAN PHARMS INC 0.07
Change 0.00 (0.00%) AS OF 12:00 AM ET 03/03/10.
Chart for MHAN
) today announced the private placement of $2,547,500 of its common stock and warrants to accredited investors. The Company intends to complete the previously announced merger transaction with Ariston Pharmaceuticals, Inc. within the next two weeks. The net proceeds from this financing will be used to advance the combined company's products including AST-726, a nasally delivered treatment for vitamin B12 deficiency, and Hedrin(R), a non-pesticide treatment for pediculosis (head lice), and for general corporate purposes.
The Company sold approximately 102 units for aggregate gross proceeds of the offering of approximately $2.55 million and aggregate net proceeds of approximately $2.2 million. Each unit consisted of (i) 357,143 shares of common stock and (ii) 535,714 warrants to purchase additional shares of common stock at an exercise price of $0.08 per share.
The securities have not been registered under the Securities Act of 1933, as amended, (the "Securities Act") or any state securities law. The securities offered and sold were issued in a private placement transaction and may not be transferred or resold except as permitted by the Securities Act. As part of the terms of the private placement, the Company has agreed to file a registration statement to register for resale under the Securities Act the shares of common stock underlying the units. "
