Neurotrope, Inc. (OTCBB: NTRP), 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, 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 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, onOctober 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).
About Neurotrope
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 ? and ? 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.
