Neurotrope announced the completion of an independent spin-off of neurotrope bioscience, which has now been renamed as Synaptogenix, trading under the symbol SNPX.
Daniel Alkon, the company’s chief science officer commented, “We expect Synaptogenix to benefit from the current environment where global pharmaceutical companies and institutional investors are both seeking opportunities in new neuro-restorative strategies to treat Alzheimer’s disease, as well as other neurodegenerative diseases.” He continued, “The work we have pioneered for the last twenty years on our first in class regenerative therapeutic platform now serves as the foundation for an entirely new emphasis from both the scientific and investment communities. Our lead compound, Bryostatin-1, has demonstrated safety and has shown promising signals of meaningful cognitive improvement over baseline function. This synaptogenesis and prevention of neuronal death are, we believe, critical for treating Alzheimer’s disease, as well as other important neurodegenerative conditions such as Multiple Sclerosis, Parkinson’s disease, Fragile X syndrome, and autistic spectrum disorders.”
Alan J. Tuchman, CEO of Synaptogenix, added, “We are very pleased with the progress we are making on our NIH sponsored Phase II Alzheimer’s trial and look forward to further updating the market in the near future. This trial extends the duration of dosing to six months and builds on the valuable lessons we have learned from previous, limited-duration pilot studies. We are also exploring opportunities for additional NIH grants and hope to conduct early trials for additional neurodegenerative indications in the near future.”
Josh Silverman, Chairman of Synaptogenix, stated, “The successful spin off of Synaptogenix, following the recently announced merger between Metuchen Pharmaceuticals, LLC and Neurotrope, Inc., forming Petros Pharmaceuticals, Inc. (Nasdaq: PTPI), completes the strategic step of realigning our assets to maximise shareholder value going forward. We are excited and focused on creating value in each of these two companies for our investors in the near term.”