ARTICLE | Company News

Ariston, Manhattan Pharmaceuticals deal

March 22, 2010 7:00 AM UTC

Manhattan acquired Ariston in a stock deal valued at $564,800 based on Manhattan's close of $0.08 on March 11, the day before the deal was announced. Ariston shareholders received 7.1 million shares of Manhattan stock and are eligible to receive an additional 24.7 million shares in milestones. Manhattan gains AST-726, a nasal formulation of a marketed vitamin B12 deficiency treatment, and AST-915, an undisclosed oral treatment in Phase I testing for essential tremor. Manhattan plans to start a pivotal trial for AST-726 this year for vitamin B12 deficiency. Malcolm Morville, formerly president and CEO of Ariston, will become executive chairman of Manhattan. ...