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.
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.
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.
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Sam Martin and Ryan Baker
SOURCE Neurotrope, Inc.