NEW YORK, March 11, 2019 /PRNewswire/ -- Neurotrope Inc.
(Nasdaq: NTRP), a clinical-stage biopharmaceutical company
developing novel therapies for neurodegenerative diseases,
including Alzheimer's disease ("AD"), provided financial results
for the year ended December 31,
2018.
As of December 31, 2018, the
Company had approximately $28.8
million of cash and cash equivalents. The Company raised
approximately $20.5 million of net
cash proceeds in December 2018. With these funds and its cash
on hand, the Company estimates that it has between 24 and 36 months
of cash for continuing operations.
"Given our strong cash position, which was bolstered by our
recent fundraising, we are very well positioned to continue with
our ongoing confirmatory clinical trial and other development
activities," stated Dr. Charles
Ryan, Neurotrope's Chief Executive Officer. "With 24 to
36 months of cash available for research and development and
operations, we do not anticipate needing to raise additional
capital anytime in the near future."
About Neurotrope
Neurotrope is at the forefront of developing a new approach to
combating AD and other neurodegenerative diseases. The
Company's world-class science offers the potential to realize a
paradigm shift to overcome one of today's most challenging clinical
problems — finding a way to slow or even prevent the progression of
AD.
In addition to the Company's Phase 2 trial of Bryostatin-1 in
advanced AD, Neurotrope has also conducted preclinical studies of
Bryostatin-1 as a potential treatment for rare diseases and brain
injury, including Fragile X syndrome, multiple sclerosis, stroke,
Niemann-Pick Type C disease, Rett syndrome, and traumatic brain
injury. The U.S. Food and Drug Administration has granted Orphan
Drug Designation to Neurotrope for Bryostatin-1 as a treatment for
Fragile X syndrome. Bryostatin-1 has already undergone testing
in more than 1,500 people in cancer studies, thus creating a large
safety data base that will further inform clinical trial
designs.
Please visit www.neurotrope.com for further
information.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. These forward-looking statements include statements
regarding the Phase 2 study and further studies, and continued
development of use of Bryostatin-1 for AD, dementia and other
cognitive diseases. Such forward-looking statements are
subject to risks and uncertainties and other influences, many of
which the Company has no control over. There can be no assurance
that the clinical program for Bryostatin-1 will be successful in
demonstrating safety and/or efficacy, that we will not encounter
problems or delays in clinical development, or that Bryostatin-1
will ever receive regulatory approval or be successfully
commercialized. Actual results and the timing of certain events and
circumstances may differ materially from those described by the
forward-looking statements as a result of these risks and
uncertainties. Additional factors that may influence or cause
actual results to differ materially from expected or desired
results may include, without limitation, the Company's inability to
obtain adequate financing, the significant length of time
associated with drug development and related insufficient cash
flows and resulting illiquidity, the Company's patent portfolio,
the Company's inability to expand the Company's business,
significant government regulation of pharmaceuticals and the
healthcare industry, lack of product diversification, availability
of the Company's raw materials, existing or increased
competition, stock volatility and illiquidity, and the
Company's failure to implement the Company's business plans or
strategies. These and other factors are identified and described in
more detail in the Company's filings with the Securities and
Exchange Commission, including the Company's Annual Report on Form
10-K for the year ended December 31, 2018. The Company
does not undertake to update these forward-looking statements.
Contact information:
Investors and Media
Investors
Tom Caden
Vice President
CORE IR
516 222 2560
tomc@coreir.com
www.coreir.com
Media
Jules Abraham
CORE IR
917 885 7378
jules@coreir.com
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SOURCE Neurotrope Inc.