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Intra-Cellular Therapies Announces Closing of $60 Million Private Placement and Completion of Reverse Merger
Date:9/3/2013

Shortly after the closing of these transactions, the resulting public company will have the same shareholders, officers and directors as did ITI prior to the reverse merger.

In connection with the private placement, ITI has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act of 1933, as amended, covering the resale of shares of common stock held by new and existing shareholders within 45 days after the closing. Following the effectiveness of that registration statement, we plan to seek to have our common stock quoted on the OTC Markets. The shares of common stock issued and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from the registration requirements.  Following the effectiveness of this registration statement, we plan to seek to have our common stock quoted on the OTC Markets.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

ABOUT ITI-007

ITI-007 is the Company's lead drug development candidate, whose unique mechanisms of action have the potential to yield a first-in-class antipsychotic therapy. ITI-007 combines potent serotonin 5-HT2A receptor antagonism, dopamine receptor phosphoprotein modulation (DPPM), glutamatergic modulation and serotonin reuptake inhibition into a single drug candidate for the treatment of acute and residual schizophrenia.  At dopamine D2 receptors, ITI-007 has dual properties and acts as both a post-synaptic antagonis
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SOURCE Intra-Cellular Therapies, Inc.
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