NEW YORK, April 14, 2010 (GLOBE NEWSWIRE) -- Manhattan Pharmaceuticals, Inc. (OTCBB:MHAN) today announced the final close of its private placement in which it sold approximately 121 units, including the conversion of approximately $400,000 of existing debt into 17 units, for an aggregate of $3,029,386 of its common stock and warrants to accredited investors. 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 net proceeds from this financing will be used to advance the company's products including AST-726, a nasally delivered treatment for vitamin B12 deficiency, and Hedrin®, a non-pesticide treatment for pediculosis (head lice), and for general corporate purposes.
