NEW YORK, Oct. 8, 2019
/PRNewswire/ -- Neurotrope, Inc. (Nasdaq: NTRP), a clinical-stage
biopharmaceutical company developing novel therapies for
neurodegenerative diseases, today announced its plans to explore
strategic alternatives to maximize shareholder value.
"Following the results from our Phase 2 study of Bryostatin-1 in
Alzheimer's disease, we believe a review of strategic alternatives
is an important step toward preserving and enhancing shareholder
value," stated Dr. Charles S. Ryan,
Neurotrope's Chief Executive Officer. "The Board of Directors has
formed a strategic alternatives committee to aid in evaluating the
Company's alternatives, and we look forward to providing an update
when appropriate."
There can be no assurance that the formal strategic review of
alternatives will result in any successful transaction or other
outcome. The Company does not intend to comment further or publicly
discuss the potential of alternate developments unless and until
its Board of Directors has approved a definitive transaction, or
otherwise determined that further disclosure is appropriate or
required by law. Moreover, the Company is continuing to determine
how to proceed with respect to the Company's current development
programs for Bryostatin-1 in its effort to maximize shareholder
value.
As of August 7, 2019, the Company
had approximately $20.8 million of
cash and cash equivalents.
About Neurotrope
Neurotrope is a clinical-stage biopharmaceutical company working
to develop novel therapies for neurodegenerative diseases.
Neurotrope has conducted clinical and preclinical studies of its
lead therapeutic candidate, Bryostatin-1, in Alzheimer's disease,
and preclinical studies 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 Company's plans to explore strategic alternatives and
the potential outcome and benefits of a potential strategic
transaction, the Phase 2 study and further studies, and continued
development of use of Bryostatin-1 for AD 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 Company will be
able to identify potential strategic transactions and complete any
transactions it may pursue or realize the expected benefits from a
strategic review or a strategic transaction, 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 identify potential strategic transactions
and to complete any transactions it pursues, 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 its 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
its 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, and Quarterly
Report on Form 10-Q for the quarter ended June 30, 2019. The Company does not undertake to
update these forward-looking statements.
Contact information:
Investors and Media
Sam Martin and Ryan Baker
Argot Partners
212-600-1902
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SOURCE Neurotrope, Inc.