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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
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      AND EXCHANGE COMMISSION</strong></font></div>
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      DC 20549</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT PURSUANT</strong></font></div>
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      SECTION 13 OR 15(d) OF THE</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      EXCHANGE ACT OF 1934</strong></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>March
      15,
      2006&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 20pt; FONT-FAMILY: Times New Roman"><strong>Neuro-Hitech
                Pharmaceuticals, Inc.</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
                Name of Registrant as Specified in its Charter)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
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                or Other Jurisdiction of
                Incorporation)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>333-125699</strong></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>20-4121393</strong></font></div>
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                File Number)</font></div>
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                Employer Identification No.)</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">One
                Penn Plaza, Suite 2514, New York, NY</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10019</font></div>
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                of Principal Executive Offices)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212)
                798-8100</font></div>
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      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:</font></div>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
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            </td>
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
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                </td>
                <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                    communications pursuant to Rule 14d-2(b) under the Exchange Act
                    (17 CFR
                    240.14d-2(b))</font></div>
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                <td style="width: 36pt;">
                </td>
                <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font></td>
                <td align="left">
                  <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                    communications pursuant to Rule 13e-4(c) under the Exchange Act
                    (17 CFR
                    240.13e-4c))</font></div>
                </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1.01. Entry into a Material Definitive Agreement</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>&#160;</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      15, 2006, Neuro-Hitech Pharmaceuticals, Inc. (the &#8220;Company&#8221;) entered into a
      Development Agreement (the &#8220;Agreement&#8221;) with Xel Herbaceuticals, Inc. (&#8220;XEL&#8221;)
      for XEL to develop a Huperzine A Transdermal Delivery System (the &#8220;Product&#8221;).
      Under the terms of the Agreement, the Company paid XEL a $250,000 fee upon
      the
      execution of the Agreement and will pay XEL $92,500 per month during the
      development of the Product, which development is estimated to take approximately
      16 months. The monthly payment is subject to quarterly adjustment and subject
      to
      a limit on aggregate development cost overruns of $250,000.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">XEL
      has
      agreed to pay any cost overruns in excess of $250,000.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company and XEL intend to seek domestic and foreign patent protection for the
      Product.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      Company elects to exercise its right to license the Product in the United States
      and Canada (&#8220;North America&#8221;) and to develop the Product on its own, the Company
      will pay XEL an initial license fee of $400,000 and up to an aggregate of $2.4
      million in additional payments upon the achievement of certain milestones,
      including completion of a prototype, initial submission to the FDA, completion
      of phases of clinical studies and completion of the FDA submission and FDA
      approval. Similarly, if the Company elects to exercise its option to license
      the
      Product worldwide excluding China, Taiwan, Hong Kong, Macau and Singapore
      (&#8220;Worldwide&#8221;), and develop the Product on its own, the Company will pay XEL an
      additional initial license fee of $400,000 and up to an aggregate of $2.4
      million in additional payments upon the achievement of comparable milestones.
      If
      XEL fails to obtain a U.S. or international patent, the corresponding license
      fee and milestone payments will be reduced by 50% until such time as XEL obtains
      such patent, at which time the unpaid 50% of all such milestone payments
      previously not made will be due. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company will also be obligated to pay XEL royalty payments of between 7% and
      10%
      of net sales, with such royalty payments subject to reduction upon the
      expiration of the patent or the launch of a generic product in the applicable
      territory. If a patent has not been issued in either the United States or
      Canada, the royalty payments will be subject to reduced rates of between 3%
      and
      5% of net sales. Royalty payments for sales in the Worldwide territory will
      be
      subject to good faith negotiations between the parties. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      Company exercises its right to license the Product in North America and to
      develop the Product with a third party, the Company will pay XEL 50% of any
      initial signing fees and milestone fees (excluding any research and development
      fees) paid by such third party. Similarly, in the event that the Company decides
      to exercise its option to license the Product Worldwide and to develop the
      Product with a third party, the Company will pay XEL 50% of any initial signing
      fees and milestone fees (excluding any research and development fees) paid
      by
      such third party. If XEL fails to obtain a U.S. or international patent, the
      percentage of the corresponding fees will be reduced to 25%. The Company will
      pay XEL 20% of any royalty payments received by the Company from third-party
      sublicensees or if the Product is not protected by at least one patent, 10%
      of
      any royalty received by the Company from sublicensees.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      the
      Company elects not to exercise its right to license the Product and XEL elects
      to further develop the Product without the Company, XEL will be obligated to
      pay
      the Company 30% of any net profits realized up to a maximum of two times the
      amount paid by the Company to XEL during development, excluding the initial
      $250,000 signing fee. Upon such election, XEL will be entitled to full ownership
      of the intellectual property of the Product. If the Company elects to exercise
      its rights to license the Product in North America, but not Worldwide, XEL
      will
      have certain rights to obtain intellectual property protection in any country
      outside North America upon payment to the Company for such rights, such fees
      to
      be negotiated in good faith by the parties. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      connection with the execution of the Agreement, Dr. Dinesh Patel, Chairman
      of
      the Board of Directors and co-founder of XEL, has agreed to serve as a formal
      scientific advisor to the Company during the development of the Product.
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
      copy of
      the press release announcing the execution of this Agreement is attached as
      an
      exhibit under Item 9.01(d) of this report.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      9.01. Financial Statements and Exhibits.</strong></font></div>
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            <td align="left" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font></td>
            <td align="left">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits.</font></div>
            </td>
          </tr>

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            <td align="left">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release dated March 21, 2006</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.<br></font></div>
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            <td colspan="2"><font size="2">NEURO-HITECH PHARMACEUTICALS, INC.</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Date:
              March 21, 2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/
              Reuben Seltzer</font></td>
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            <td align="left">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Reuben
              Seltzer</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">President
              and
              Chief Executive Officer</font></td>
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{"company-data": {"conformed-name": "NEURO-HITECH PHARMACEUTICALS INC", "cik": "0001328511", "assigned-sic": "1000", "irs-number": "204121393", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-125699", "film-number": "06700158"}, "business-address": {"street1": "ONE PENN PLAZA, SUITE 2514", "city": "NEW YORK", "state": "NY", "zip": "10119", "phone": "212-798-8100"}, "mail-address": {"street1": "ONE PENN PLAZA, SUITE 2514", "city": "NEW YORK", "state": "NY", "zip": "10119"}, "former-company": {"former-conformed-name": "Northern Way Resources, Inc.", "date-changed": "20050526"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
WASHINGTON,
      DC 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):
March
      15,
      2006
Neuro-Hitech
                Pharmaceuticals, Inc.
(Exact
                Name of Registrant as Specified in its Charter)
Delaware
(State
                or Other Jurisdiction of
                Incorporation)
333-125699
20-4121393
(Commission
                File Number)
(I.R.S.
                Employer Identification No.)
One
                Penn Plaza, Suite 2514, New York, NY
10019
(Address
                of Principal Executive Offices)
(Zip
                Code)
(212)
                798-8100
(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:
o
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
o
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
o
Pre-commencement
                    communications pursuant to Rule 14d-2(b) under the Exchange Act
                    (17 CFR
                    240.14d-2(b))
o
Pre-commencement
                    communications pursuant to Rule 13e-4(c) under the Exchange Act
                    (17 CFR
                    240.13e-4c))
Item
      1.01. Entry into a Material Definitive Agreement
On
      March
      15, 2006, Neuro-Hitech Pharmaceuticals, Inc. (the "Company") entered into a
      Development Agreement (the "Agreement") with Xel Herbaceuticals, Inc. ("XEL")
      for XEL to develop a Huperzine A Transdermal Delivery System (the "Product").
      Under the terms of the Agreement, the Company paid XEL a $250,000 fee upon
      the
      execution of the Agreement and will pay XEL $92,500 per month during the
      development of the Product, which development is estimated to take approximately
      16 months. The monthly payment is subject to quarterly adjustment and subject
      to
      a limit on aggregate development cost overruns of $250,000.
XEL
      has
      agreed to pay any cost overruns in excess of $250,000.
The
      Company and XEL intend to seek domestic and foreign patent protection for the
      Product.
If
      the
      Company elects to exercise its right to license the Product in the United States
      and Canada ("North America") and to develop the Product on its own, the Company
      will pay XEL an initial license fee of $400,000 and up to an aggregate of $2.4
      million in additional payments upon the achievement of certain milestones,
      including completion of a prototype, initial submission to the FDA, completion
      of phases of clinical studies and completion of the FDA submission and FDA
      approval. Similarly, if the Company elects to exercise its option to license
      the
      Product worldwide excluding China, Taiwan, Hong Kong, Macau and Singapore
      ("Worldwide"), and develop the Product on its own, the Company will pay XEL an
      additional initial license fee of $400,000 and up to an aggregate of $2.4
      million in additional payments upon the achievement of comparable milestones.
      If
      XEL fails to obtain a U.S. or international patent, the corresponding license
      fee and milestone payments will be reduced by 50% until such time as XEL obtains
      such patent, at which time the unpaid 50% of all such milestone payments
      previously not made will be due.
The
      Company will also be obligated to pay XEL royalty payments of between 7% and
      10%
      of net sales, with such royalty payments subject to reduction upon the
      expiration of the patent or the launch of a generic product in the applicable
      territory. If a patent has not been issued in either the United States or
      Canada, the royalty payments will be subject to reduced rates of between 3%
      and
      5% of net sales. Royalty payments for sales in the Worldwide territory will
      be
      subject to good faith negotiations between the parties.
If
      the
      Company exercises its right to license the Product in North America and to
      develop the Product with a third party, the Company will pay XEL 50% of any
      initial signing fees and milestone fees (excluding any research and development
      fees) paid by such third party. Similarly, in the event that the Company decides
      to exercise its option to license the Product Worldwide and to develop the
      Product with a third party, the Company will pay XEL 50% of any initial signing
      fees and milestone fees (excluding any research and development fees) paid
      by
      such third party. If XEL fails to obtain a U.S. or international patent, the
      percentage of the corresponding fees will be reduced to 25%. The Company will
      pay XEL 20% of any royalty payments received by the Company from third-party
      sublicensees or if the Product is not protected by at least one patent, 10%
      of
      any royalty received by the Company from sublicensees.
If
      the
      Company elects not to exercise its right to license the Product and XEL elects
      to further develop the Product without the Company, XEL will be obligated to
      pay
      the Company 30% of any net profits realized up to a maximum of two times the
      amount paid by the Company to XEL during development, excluding the initial
      $250,000 signing fee. Upon such election, XEL will be entitled to full ownership
      of the intellectual property of the Product. If the Company elects to exercise
      its rights to license the Product in North America, but not Worldwide, XEL
      will
      have certain rights to obtain intellectual property protection in any country
      outside North America upon payment to the Company for such rights, such fees
      to
      be negotiated in good faith by the parties.
In
      connection with the execution of the Agreement, Dr. Dinesh Patel, Chairman
      of
      the Board of Directors and co-founder of XEL, has agreed to serve as a formal
      scientific advisor to the Company during the development of the Product.
A
      copy of
      the press release announcing the execution of this Agreement is attached as
      an
      exhibit under Item 9.01(d) of this report.
Item
      9.01. Financial Statements and Exhibits.
(d)
Exhibits.
99.1
Press
                Release dated March 21, 2006
SIGNATURE
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.
NEURO-HITECH PHARMACEUTICALS, INC.
Date:
              March 21, 2006
By:
/s/
              Reuben Seltzer
Reuben
              Seltzer
President
              and
              Chief Executive Officer