Curaxis completes reverse merger with Auto Search Cars

Curaxis PharmaceuticalJul 30 2010

Curaxis Pharmaceutical Corp. ("Curaxis") is pleased to announce the completion of its reverse merger (the "Merger") with Auto Search Cars, Inc. ("Auto Search") (OTCBB:ASCH). The effective date of the Merger is July 29, 2010.

In connection with the Merger, Auto Search is in the process of changing its name to Curaxis Pharmaceutical Corporation and expects the name change to be completed Friday, July 30^th. In addition Auto Search will apply to FINRA to change its trading symbol, a process which is expected to be completed in three to six weeks. As a result of the Merger, the company will concentrate exclusively on clinical development of Curaxis' drug pipeline. In the near term, the company plans to concentrate exclusively on clinical development of its drug candidate for the treatment of Alzheimer's disease.

 In completing the Merger, Auto Search issued 64.2 million shares of its common stock to the holders of Curaxis common stock. Under the terms of the Merger, all but 8.7 million of those shares will be restricted from trading for a period of one year from the closing of the Merger. After the close of the Merger a total of 71.9 million shares of common stock will be outstanding.   Southridge Business Solutions Group LLC assisted with the closing of the Merger.

Patrick S. Smith, CEO and President of Curaxis, said, "We feel that the Merger allows us to enter the public arena, and ideally positions us to move our candidate for treatment of Alzheimer's disease into our planned Phase 2b clinical trials in women with mild-to-moderate Alzheimer's disease. Recent developments in Alzheimer's research, particularly the recent failures of other Alzheimer's candidates in Phase 3 trials, have added to the mounting evidence in support of our patented approach to treating Alzheimer's. In view of the limited effectiveness of currently-approved Alzheimer's drugs, the encouraging data from our earlier Phase 2 trial in women, and the continued rapid growth of the Alzheimer's epidemic, we hope to bring a meaningful improvement to the treatment of this dread disease to market within the next few years."