Neurotrope, Inc. Announces Closing of Additional $1.08 Million of its Private Offering
PLANTATION, Fla., Oct. 9, 2013 /PRNewswire/ -- Neurotrope, Inc. (OTCQB: NTRP) (the "Company") announced today that it completed a closing of the sale of 1,080,000 shares of its Series A convertible preferred stock in a private offering to accredited investors, at a price of $1.00 per share, resulting in gross proceeds to Neurotrope of $1,080,000 (before deducting commissions and expenses of the offering). Neurotrope had previously sold 21,920,000 shares of its Series A convertible preferred stock in three prior closings of this private placement in February, May and August 2013, at the same purchase price per share, for aggregate gross proceeds of $21,920,000 (before deducting commissions and expenses of the offering). The total gross amount raised by Neurotrope in its Series A convertible preferred offering has been $23,000,000.
Intuitive Venture Partners, LLC, was the exclusive financial advisor to Neurotrope. EDI Financial, Inc. was the exclusive placement agent for the best efforts private placement offering, and Gottbetter Capital Markets, LLC, was a sub-agent.
The Company's Chief Executive Officer, Dr. Jim New, said, "This additional support from both established and new investors in Neurotrope is very much appreciated. These incremental funds will be allocated to accelerating some of our key product development programs."
The Company intends to use net proceeds of the offering, principally for pre-clinical and clinical research costs, as well as to pay royalties, patent expenses and general and administrative expenses.
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under, or exemption from registration under, such Act.
Neurotrope was formed in October 2012 to develop and market two product platforms, including a non-invasive diagnostic test for Alzheimer's Disease and a drug candidate called bryostatin for the treatment of Alzheimer's Disease, both of which are in the clinical testing stage. Neurotrope was formed for the primary purpose of commercializing certain technologies that were initially developed by Blanchette Rockefeller Neurosciences Institute ("BRNI") and its affiliates, for therapeutic or diagnostic applications for Alzheimer's Disease or other cognitive dysfunctions. These technologies have been under development since 1999 and have been financed through significant funding from a variety of non-investor sources. The Company expects that its first product, the diagnostic test for Alzheimer's Disease, will finish the testing phase of its development in 2015, whereupon the Company will evaluate the feasibility of its commercialization. In addition to bryostatin and the diagnostic test for Alzheimer's Disease, the Company intends to pursue development of two other technology platforms developed by and licensed from BRNI: the first, a platform for transporting drugs into the brain through the "blood-brain-barrier," and the second, a group of drugs for enhancing cognition, mood and alertness for neuropsychiatric conditions.
Please visit www.neurotropebioscience.com for further information.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the development of commercially viable pharmaceuticals, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance and (iv) the assumptions underlying or relating to any statement described in points (i), (ii) or (iii) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. 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. Factors that may influence or contribute to the inaccuracy of the forward-looking statements 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 inability to expand the Company's business, significant government regulation of pharmaceuticals and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, existing or increased competition, results of arbitration and litigation, 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 SEC, including, the Company's current reports on Form 8-K. The Company does not undertake to update these forward-looking statements.
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SOURCE Neurotrope, Inc.