NEW YORK, April 19, 2019 /PRNewswire/ -- Neurotrope, Inc. (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.
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.
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.
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