NEW YORK, April 19, 2019 /PRNewswire/ -- Neurotrope,
Inc. (Nasdaq: NTRP), a clinical-stage biopharmaceutical
company developing novel therapeutics for neurodegenerative
diseases, including Alzheimer's disease ("AD"), today announced the
authorization of an inducement grant to newly-appointed Chief
Operating Officer and General Counsel, Michael Ciraolo, J.D., Ph.D.
As previously announced, Dr. Ciraolo comes to Neurotrope from
Ovid Therapeutics, where he served as senior vice president, chief
intellectual property counsel. Prior to joining Ovid, he
was an executive director at Forest Laboratories, where he
held positions of increasing levels of responsibility.
He has been involved with the development of numerous
pharmaceutical products and transactional matters, including
mergers, acquisitions and licensing opportunities. Dr. Ciraolo
began his legal career as an associate at Baker Botts
LLP in New York City, received a Ph.D. in chemistry
from Stony Brook University and a J.D. from St.
John's University School of Law.
In connection with the hiring of Dr. Ciraolo and pursuant to his
employment offer letter, in addition to other compensation
disclosed in Neurotrope's Current Report on Form 8-K filed with the
Securities and Exchange Commission on April
1, 2019, the Compensation Committee of the Board of
Directors of Neurotrope authorized the grant to Dr. Ciraolo of a
non-qualified stock option to purchase up to 100,000 shares of
Neurotrope's common stock, which was granted on April 15, 2019. The option grant is an inducement
material to Dr. Ciraolo's entering into employment with Neurotrope
in accordance with Nasdaq Listing Rule 5635(c)(4). The option has
an exercise price of $5.67 per share, the fair market value of
Neurotrope's common stock on the date of grant and will vest as
follows: 25% of the options vested on the date of grant, with the
remaining 75% vesting in equal monthly installments over a two-year
period beginning on April 1, 2019, subject to Dr. Ciraolo's
continued employment with Neurotrope. The option has a
ten-year term and is subject to the terms and conditions of a stock
option agreement.
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 FDA has granted Orphan Drug Designation to Neurotrope
for Bryostatin-1 as a treatment for Fragile X. 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
Tom Caden
Vice President
CORE IR
516 222 2560
tomc@coreir.com
www.coreir.com
Media
Jules Abraham
CORE IR
917 885 7378
julesa@coreir.com
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SOURCE Neurotrope Inc.