NEWARK, N.J., Aug. 5, 2016 /PRNewswire/ -- Neurotrope, Inc. (OTCBB: NTRP) (the "Company"), focused on developing drugs to treat neurological diseases including Alzheimer's disease, today announced it has reached a settlement agreement with Iroquois Master Fund Ltd. and certain of its affiliates (collectively "Iroquois"), with regard to a proposed consent solicitation by Iroquois.
As part of the settlement, Paul E. Freiman and Jay M. Haft resigned from the Board of Directors (the "Board") of the Company effective immediately. The Board appointed Mr. Joshua Silverman Chairman of the Board and Dr. Kenneth J. Gorelick to the Board, effective immediately.
"We are pleased to have worked constructively with Neurotrope and commend Neurotrope's Board for its thoughtful engagement over the past few weeks," stated Josh Silverman, co-founder of Iroquois Capital Management, LLC and new member of the Board. "We believe that this newly composed Board, with the addition of Dr. Gorelick, will help maximize the Company's potential and enhance stockholder value."
"I believe that Neurotrope is positioned to play an important role in restorative brain therapeutics through its pioneering development of drugs that induce the growth of new synapses (synaptogenesis) and that prevent the death of neurons. Its novel technology potentially addresses critical unmet medical needs in the treatment of Alzheimer's disease, Fragile X syndrome and other serious neurologic disorders." Dr. Gorelick added, "Its strong science and unique approach are what attracted me to Neurotrope, and I look forward to contributing to the Company's growth and future value creation as a Director."
In addition, the Company's Chief Executive Officer and President, Charles Ramat, entered into a Separation Agreement with the Company pursuant to which he shall remain on as a consultant and resign from the Board and all other positions that he holds with the Company, including Chief Executive Officer and President, on October 3, 2016 (unless the Board determines an earlier date). The Company will commence a search for a new Chief Executive Officer with significant experience in the biotechnology industry.
Dr. Gorelick is the Managing Director of Zymo Consulting Group LLC, that provides consulting services to the biopharmaceutical industry, specializing in clinical development and regulatory affairs. He currently serves as Chair of the Program Advisory Board for Asahi Kasei Pharma America and as Chief Medical Officer for PIN Pharma, among others. Dr. Gorelick received his MD from Cornell University, and post-doctoral training at St. Louis University and Stanford University where he was also a member of the clinical faculty. Previously he was Vice President of Global Clinical Research and Development at DuPont Merck Pharmaceutical Company.
Further details may be found in the Company's Form 8-K filing with the Securities and Exchange Commission (SEC).
Neurotrope BioScience, Inc., a wholly owned subsidiary of Neurotrope, Inc., is at the forefront of biotechnology companies having a focus on developing a novel therapy for the treatment of moderately severe to severe Alzheimer's disease. The scientific basis of our treatment is activation of Protein Kinase C isozymes ε and α by bryostatin, a natural product, which in mouse AD models was demonstrated to result in repair of damaged synapses as well as synaptogenesis, reduction of toxic beta-amyloid generation, and enhancement of memory and learning, thus having the potential to improve cognition and behavior in Alzheimer's disease.
Neurotrope is also conducting preclinical studies of bryostatin as a treatment for Fragile X Syndrome and Niemann-Pick Type C disease, two rare genetic diseases for which only symptomatic treatments are currently available. The FDA has granted Orphan Drug Designation to Neurotrope for bryostatin as a treatment for Fragile X Syndrome. Bryostatin has undergone testing in over 1,400 people establishing a large safety database.
Neurotrope has exclusively licensed technology from the Blanchette Rockefeller Neurosciences Institute for Alzheimer's disease and Fragile X Syndrome, has a world-wide, exclusive license with the Icahn School of Medicine at Mt. Sinai for Niemann-Pick Type C disease and is partnered with Stanford University to synthesize and find the next generation bryostatin – called bryologs.
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 proposed study and timing of initiation, and continued development of use of bryostatin for Alzheimer's disease and other cognitive diseases, and the Company's ability to list its common shares on a major stock exchange. Such forward-looking statements are subject to 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 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, the Company's inability to meet listing requirements for major stock exchanges, 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 SEC, including the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. The Company does not undertake to update these forward-looking statements.
Please visit www.neurotropebioscience.com for further information.
For additional information, please contact:
Jeffrey Benison, Investor Relations
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SOURCE Neurotrope, Inc.