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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>&nbsp;</B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>WASHINGTON,
D.C.</B></FONT><B> <FONT STYLE="font-size: 10pt">20549</FONT></B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>_____________</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>_____________</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>Pursuant to Section 13 or
15(d) of the</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>Securities Exchange Act of
1934</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">Date of report (Date of earliest
event reported): <B>February 24, 2012</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>Manhattan Pharmaceuticals,
Inc.</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">(Exact Name of Registrant as
Specified in Charter)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

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        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>Delaware</B></P>
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">(State or Other Jurisdiction</P>
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">of Incorporation)</P></TD>
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>001-32639</B></P>
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">(Commission File Number)</P>
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P></TD>
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>36-3898269</B></P>
        <P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">(IRS Employer Identification
        No.)</P></TD></TR>
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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>787 Seventh Ave, 48<SUP>th</SUP>
Floor<FONT STYLE="color: black"> </FONT></B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>New York, New York 10019</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">(Address of Principal Executive
Offices)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center"><B>(212) 554-4305</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: center">(Registrant's telephone number,
including area code)</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="padding-right: 0.2in">Written communications pursuant to Rule 425 under the Securities Act.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="padding-right: 0.2in">Soliciting material pursuant to Rule 14a-12 under the Exchange Act.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="padding-right: 0.2in">Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings 2">&pound;</FONT></TD><TD STYLE="padding-right: 0.2in">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</TD></TR></TABLE>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0"><B>Item 1.01.&#9;Entry into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In April 2011, TG Therapeutics,
Inc. (&ldquo;TG Therapeutics&rdquo;), a subsidiary of Manhattan Pharmaceuticals, Inc. (the &ldquo;Company&rdquo;), acquired from
LFB Biotechnologies, a fully owned subsidiary of France based LFB S.A., an option (the &ldquo;License Option&rdquo;) for exclusive
worldwide rights (except France/Belgium) to develop and market ublituximab (&ldquo;LFB-R603&rdquo; or &ldquo;R603&rdquo; or &ldquo;TG20&rdquo;),
a monoclonal antibody that targets a specific epitope on the B-cell lymphocyte CD20 antigen intended to be marketed under the trade
name &ldquo;Utuxin.<SUP>TM</SUP>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On January 30, 2012, TG
Therapeutics exercised the License Option and entered into a license agreement with GTC Biotherapeutics, Inc., LFB Biotechnologies
S.A.S. (&ldquo;LFB&rdquo;), and LFB/GTC LLC. In connection with the license agreement, TG Therapeutics issued 7,368,000 shares
of its common stock to LFB, and the Company agreed to contribute $15 million, less applicable fees and expenses associated with
the financing, to TG Therapeutics to fund the development of Utuxin under the license agreement, in exchange for 7,500,000 shares
of TG Therapeutics common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, in connection
with the issuance of 7,368,000 shares of TG Therapeutics common stock, the Company and TG Therapeutics provided LFB Group the option
to, <FONT STYLE="color: black">in its sole discretion, elect to convert all, and not less than all, of the shares of TG Therapeutics&rsquo;
common stock into 828,900 shares of the Company&rsquo;s Series A Preferred Stock, $0.001 par value per share (&ldquo;Preferred
Stock&rdquo;). Each share of Preferred Stock is convertible into 500 shares of the Company&rsquo;s common stock, $0.001 par value
per share (&ldquo;Common Stock&rdquo;), in accordance with the terms of the Series A Preferred Stock Certificate of Designation
filed with the Secretary of State of the State of Delaware on December 29, 2011. In addition, should the Company have sufficient
Common Stock authorized and available for issuance at the time LFB Group elects to convert, then LFB Group will receive such number
of shares of Common Stock into which the Preferred Stock is then convertible. This option may be exercised by LFB Group at any
time within 60 days of the filing of the Company&rsquo;s Annual Report on Form 10-K for the year ended December 31, 2011.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">Furthermore,
should LFB Group choose to exercise the option for Preferred Stock, the Board of Directors of the Company shall appoint </FONT>an
individual designated by LFB Group to serve as a director of the Company until the next annual meeting of the stockholders and
until his or her successor has been duly elected. Thereafter the Board of Directors of the Company shall nominate a designee named
by LFB Group for election at each annual meeting of the stockholders until such time as LFB Group owns less than 10% of the outstanding
Common Stock of the Company<FONT STYLE="color: black">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: justify"><B>Item 8.01. &#9;Other Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">On December 30, 2011,
OPN Capital Markets (&ldquo;OPNCM&rdquo;) and its affiliated broker-dealer, National Securities Corporation
(&ldquo;NSC&rdquo; and collectively with OPNCM, &ldquo;National&rdquo;), both affiliates of National Holdings Corporation
(&ldquo;National Holdings&rdquo;), entered into a Placement Agency Agreement (the &ldquo;PAA&rdquo;) with the Company in
connection with the initial closing of the offering of up to $25 million of stock and warrants of the Company (the
&ldquo;Offering&rdquo;). Pursuant to the PAA, National is acting as the Company&rsquo;s placement agent for the Offering.
Michael S. Weiss is affiliated with National Holdings and OPNCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company completed the
third and final closing of the Offering on February 24, 2012, issuing 206,229 shares of Preferred Stock at a price per share of
$20.00 for total gross proceeds, before placement commissions and expenses, of $4,124,580.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">
</FONT><FONT STYLE="color: black">E<FONT STYLE="background-color: white">ach share of Preferred Stock is convertible into 500 shares
of Common Stock provided that such conversion rights are subject to sufficient available authorized shares of Common Stock, which
the Company intends to accomplish through the amendment of its Amended and Restated Certificate of Incorporation, or a reverse
stock split, at the next meeting of stockholders.</FONT> </FONT>Investors will also receive warrants to purchase 25,778,625 shares
of Common Stock. The warrants have an exercise price of $0.04 per share and are exercisable for five years.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in; color: #404040">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
shares of Preferred Stock and warrants sold in the third closing were offered and sold to accredited investors, including members
of management, without registration under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), or state securities
laws, in reliance on the exemptions provided by Section&nbsp;4(2) of the Securities Act, and Regulation&nbsp;D promulgated thereunder
and in reliance on similar exemptions under applicable state laws. Accordingly, the securities to be issued in the Offering have
not been registered under the Securities Act, and until so registered, these securities may not be offered or sold in the United
States absent registration or availability of an applicable exemption from registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In total, as a result of
the three closings conducted in the Offering, the Company issued 277,285,633 shares of Common Stock, 695,428 shares of Preferred
Stock, and warrants to purchase 156,249,924 shares of Common Stock for total gross proceeds, before placement commissions and expenses,
of $24,999,985.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt/12pt Times New Roman, Times, Serif; margin: 0 0.2in 0 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">Manhattan Pharmaceuticals, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 0.2in; text-align: justify">(Registrant)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; padding-right: 0.2in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; padding-right: 0.2in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 38%; padding-right: 0.2in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: justify">Date:&nbsp; March 1, 2012</TD>
    <TD STYLE="padding-right: 0.2in; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">By:</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal; border-bottom: Black 1pt solid">/s/ Sean A. Power</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">Sean A. Power</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">&nbsp;</TD>
    <TD STYLE="padding-right: 0.2in; text-align: left; font-weight: normal">Chief Financial Officer</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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{"company-data": {"conformed-name": "MANHATTAN PHARMACEUTICALS INC", "cik": "0001001316", "assigned-sic": "2834", "irs-number": "363898269", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-32639", "film-number": "12658215"}, "business-address": {"street1": "810 SEVENTH AVENUE", "street2": "4TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "(212) 582-3950"}, "mail-address": {"street1": "810 SEVENTH AVENUE", "street2": "4TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "ATLANTIC TECHNOLOGY VENTURES INC", "date-changed": "20000330"}, {"former-conformed-name": "ATLANTIC PHARMACEUTICALS INC", "date-changed": "19960703"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C.
20549
_____________
FORM 8-K
_____________
CURRENT REPORT
Pursuant to Section 13 or
15(d) of the
Securities Exchange Act of
1934
Date of report (Date of earliest
event reported):
February 24, 2012
Manhattan Pharmaceuticals,
Inc.
(Exact Name of Registrant as
Specified in Charter)
Delaware
(State or Other Jurisdiction
of Incorporation)
001-32639
(Commission File Number)
36-3898269
(IRS Employer Identification
        No.)
787 Seventh Ave, 48
th
Floor
New York, New York 10019
(Address of Principal Executive
Offices)
(212) 554-4305
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
£
Written communications pursuant to Rule 425 under the Securities Act.
£
Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
£
Pre-commencement communications pursuant to Rule 14d-2b under the Exchange Act.
£
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
Item 1.01.	Entry into a Material Definitive Agreement.
In April 2011, TG Therapeutics,
Inc. ("TG Therapeutics"), a subsidiary of Manhattan Pharmaceuticals, Inc. (the "Company"), acquired from
LFB Biotechnologies, a fully owned subsidiary of France based LFB S.A., an option (the "License Option") for exclusive
worldwide rights (except France/Belgium) to develop and market ublituximab ("LFB-R603" or "R603" or "TG20"),
a monoclonal antibody that targets a specific epitope on the B-cell lymphocyte CD20 antigen intended to be marketed under the trade
name "Utuxin.
TM
"
On January 30, 2012, TG
Therapeutics exercised the License Option and entered into a license agreement with GTC Biotherapeutics, Inc., LFB Biotechnologies
S.A.S. ("LFB"), and LFB/GTC LLC. In connection with the license agreement, TG Therapeutics issued 7,368,000 shares
of its common stock to LFB, and the Company agreed to contribute $15 million, less applicable fees and expenses associated with
the financing, to TG Therapeutics to fund the development of Utuxin under the license agreement, in exchange for 7,500,000 shares
of TG Therapeutics common stock.
In addition, in connection
with the issuance of 7,368,000 shares of TG Therapeutics common stock, the Company and TG Therapeutics provided LFB Group the option
to,
in its sole discretion, elect to convert all, and not less than all, of the shares of TG Therapeutics'
common stock into 828,900 shares of the Company's Series A Preferred Stock, $0.001 par value per share ("Preferred
Stock"). Each share of Preferred Stock is convertible into 500 shares of the Company's common stock, $0.001 par value
per share ("Common Stock"), in accordance with the terms of the Series A Preferred Stock Certificate of Designation
filed with the Secretary of State of the State of Delaware on December 29, 2011. In addition, should the Company have sufficient
Common Stock authorized and available for issuance at the time LFB Group elects to convert, then LFB Group will receive such number
of shares of Common Stock into which the Preferred Stock is then convertible. This option may be exercised by LFB Group at any
time within 60 days of the filing of the Company's Annual Report on Form 10-K for the year ended December 31, 2011.
Furthermore,
should LFB Group choose to exercise the option for Preferred Stock, the Board of Directors of the Company shall appoint
an
individual designated by LFB Group to serve as a director of the Company until the next annual meeting of the stockholders and
until his or her successor has been duly elected. Thereafter the Board of Directors of the Company shall nominate a designee named
by LFB Group for election at each annual meeting of the stockholders until such time as LFB Group owns less than 10% of the outstanding
Common Stock of the Company
.
Item 8.01. 	Other Events.
On December 30, 2011,
OPN Capital Markets ("OPNCM") and its affiliated broker-dealer, National Securities Corporation
("NSC" and collectively with OPNCM, "National"), both affiliates of National Holdings Corporation
("National Holdings"), entered into a Placement Agency Agreement (the "PAA") with the Company in
connection with the initial closing of the offering of up to $25 million of stock and warrants of the Company (the
"Offering"). Pursuant to the PAA, National is acting as the Company's placement agent for the Offering.
Michael S. Weiss is affiliated with National Holdings and OPNCM.
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The Company completed the
third and final closing of the Offering on February 24, 2012, issuing 206,229 shares of Preferred Stock at a price per share of
$20.00 for total gross proceeds, before placement commissions and expenses, of $4,124,580.
E
ach share of Preferred Stock is convertible into 500 shares
of Common Stock provided that such conversion rights are subject to sufficient available authorized shares of Common Stock, which
the Company intends to accomplish through the amendment of its Amended and Restated Certificate of Incorporation, or a reverse
stock split, at the next meeting of stockholders.
Investors will also receive warrants to purchase 25,778,625 shares
of Common Stock. The warrants have an exercise price of $0.04 per share and are exercisable for five years.
The
shares of Preferred Stock and warrants sold in the third closing were offered and sold to accredited investors, including members
of management, without registration under the Securities Act of 1933, as amended (the "Securities Act"), or state securities
laws, in reliance on the exemptions provided by Section 4(2) of the Securities Act, and Regulation D promulgated thereunder
and in reliance on similar exemptions under applicable state laws. Accordingly, the securities to be issued in the Offering have
not been registered under the Securities Act, and until so registered, these securities may not be offered or sold in the United
States absent registration or availability of an applicable exemption from registration.
In total, as a result of
the three closings conducted in the Offering, the Company issued 277,285,633 shares of Common Stock, 695,428 shares of Preferred
Stock, and warrants to purchase 156,249,924 shares of Common Stock for total gross proceeds, before placement commissions and expenses,
of $24,999,985.
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SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
Manhattan Pharmaceuticals, Inc.
(Registrant)
Date:  March 1, 2012
By:
/s/ Sean A. Power
Sean A. Power
Chief Financial Officer
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