**Neuro-Hitech,
        Inc. Announces Modification of Terms of Acquisition of MCR American
        Pharmaceuticals and AMBI Pharmaceuticals**
  **Eliminates
        Outstanding Indebtedness and Improves Cash Flow Position**
  New
        York,
        NY - November 19, 2008 - Neuro-Hitech, Inc. (OTC BB: NHPI .OB
        - News ),
        a New
        York-based pharmaceutical company focused on the development, marketing and
        distribution of branded and generic pharmaceutical products, today announced
        the
        modification of the terms of its June 6, 2008 acquisition of MCR American
        Pharmaceuticals, Inc. (“MCR”) and AMBI Pharmaceuticals, Inc. (“AMBI”). The
        modification of the original agreement eliminates approximately $6 million
        in
        indebtedness previously issued to David Ambrose, the seller of MCR and AMBI,
        cancellation of approximately $1 million in payables owed by MCR and AMBI,
        and
        provides Neuro-Hitech with an inventory credit of approximately $1.26 million.
  “The
        modification of our original agreement puts us in significantly better shape
        to
        build our business,” commented Matthew Colpoys, the Chief Executive Officer and
        President of Neuro-Hitech. “We are excited by the impact this modification will
        have on our ability to move our business forward and execute our
        plan.”
  Pursuant
        to the terms of the modification agreement, Neuro-Hitech issued Mr. Ambrose
        and
        an entity affiliated with Mr. Ambrose, 1,500,000 shares of a newly created
        Series A Preferred Stock and 1,397,463 shares of a newly created Series B
        Preferred Stock. The Series A Preferred Stock has a senior liquidation
        preference of $4.5 million and is convertible into 15,000,000 shares of common
        stock. The Series B Preferred Stock is convertible into 13,974,630 shares
        of
        common stock, and is substantially equivalent to common stock in terms of
        its
        liquidation preference. None of the shares of preferred stock are entitled
        to
        any mandatory dividend payments. Mr. Ambrose previously received 1,333,333
        shares of common stock, which together with the Series A Preferred Stock
        and
        Series B Preferred Stock, represents approximately 50.1% of Neuro-Hitech’s
        common stock on an as converted to common stock basis.
  “We
        remain very excited about this transformational acquisition”, commented Mark
        Auerbach, the Chairman of the Board of Neuro-Hitech. “We continue to believe
        that the MCR/AMBI business is an excellent platform on which to build a diverse
        product portfolio to accelerate the company’s growth and position it to leverage
        our management and board expertise. We can now pursue our plan from a
        financially stronger position. ”
  Neuro-Hitech
        announced the appointment of Mr. Ambrose as Vice Chairman of Neuro-Hitech’s
        board of directors. Pursuant to the terms of the modification agreement,
        Mr.
        Ambrose is entitled to appoint two additional directors to the board of
        directors. In connection with Mr. Ambrose’s appointment and the pending
        appointment of two additional directors, Mr. Young and Mr. Colpoys resigned
        from
        the board of directors. Mr. Colpoys continues to serve as President and Chief
        Executive Officer of the company.
  Mr.
        Ambrose said, “I am pleased to have structured a mutually beneficial
        modification of our prior agreement. I have enjoyed working with Neuro-Hitech
        and am looking forward to working more closely with the Neuro-Hitech management
        team as it executes its business plan going forward.”
  
  The
        shares issued to Mr. Ambrose in connection with the modification are subject
        to
        lock-up expiring on March 31, 2009 and certain registration rights. Mr. Ambrose
        is also entitled to a preemptive right on subsequent securities offerings
        by
        Neuro-Hitech.
 
 Neuro-Hitech
        is concurrently filing its Form 10-Q with the Securities and Exchange Commission
        which should be reviewed for additional information about the aforementioned
        transactions.
  About
        Neuro-Hitech
  Neuro-Hitech,
        Inc. is a New York-based specialty pharmaceutical company focusing on the
        development, marketing and distribution of branded and generic pharmaceutical
        products. The company is also exploring opportunities to enter into
        collaborative, joint and strategic alliances, and licensing arrangements
        with
        one or more pharmaceutical companies for the further development of Huperzine
        A
        and the company’s pipeline of pre-clinical compounds.
  FORWARD-LOOKING
        STATEMENTS
  This
        press release contains forward-looking statements (as defined in Section
        27A of
        the Securities Act and Section 21E of the Exchange Act). To the extent that
        any
        statements made in this press release contain information that is not
        historical, these statements are essentially forward-looking. Forward-looking
        statements can be identified by the use of words such as "expects," "plans,"
        "will," "may," "anticipates," "believes," "should," "intends," "estimates,"
        "projects" and other words of similar meaning. These statements are subject
        to
        risks and uncertainties that cannot be predicted or quantified and consequently,
        actual results may differ materially from those expressed or implied by such
        forward-looking statements. Such risks and uncertainties include those outlined
        in "Risk Factors" found within our Annual Report on Form 10-KSB and include,
        without limitation, Neuro-Hitech's limited cash and ability to raise capital
        to
        finance the growth of Neuro-Hitech's operations, the ability of Neuro-Hitech
        to
        develop its products and obtain necessary governmental approvals, Neuro-Hitech's
        ability to protect its proprietary information, Neuro-Hitech's ability to
        attract or retain qualified personnel, including scientific and technical
        personnel and other risks detailed from time to time in Neuro-Hitech's filings
        with the SEC, or otherwise.
  
 Company
        Contact:
 David
        Barrett
 CFO
 Neuro-Hitech,
        Inc.
 212-798-8121
 
 Source:
        Neuro-Hitech