$19.6 million
in cash and cash equivalents as of September
30, 2024
Dramatically reduced cash burn rate
expected
NEW
YORK, Dec. 20, 2024 /PRNewswire/ --
Synaptogenix, Inc. (Nasdaq: SNPX) ("Synaptogenix" or the
"Company"), an emerging biopharmaceutical company developing
therapeutics for neurodegenerative disorders, today announced that
its Board of Directors has formed an independent Special Committee
to explore strategic opportunities to create and enhance value for
investors. Funding for such opportunities is supported by the
Company's robust financial position including $19.6 million in cash as of September 30, 2024, with approximately 1.3
million common shares outstanding.
"Synaptogenix holds significant cash reserves available for
strategic initiatives, which could include promising drug
development platforms and/or compelling new technologies and
services," said Dr. Alan Tuchman, Chief Executive Officer of
Synaptogenix. "As we explore various alternatives to our previous
research and development programs, we expect to see a dramatic
decline in our cash burn rate and continuing financial strength on
our balance sheet."
Synaptogenix would consider moving forward with its Bryostatin-1
asset in collaboration with a validating third party strategic and
non-dilutive investment partner. Additionally, the Company
has submitted a grant proposal for the development of Bryostatin-1
with the National Institutes of Health (NIH).
About Synaptogenix
Synaptogenix is a clinical-stage biopharmaceutical company that
has historically worked to develop novel therapies
for neurodegenerative diseases. Synaptogenix has conducted
clinical and preclinical studies of its lead therapeutic candidate,
Bryostatin-1, in Alzheimer's disease. Preclinical studies have also
demonstrated bryostatin's regenerative mechanisms of action for the
rare disease Fragile X syndrome, and for other neurodegenerative
disorders such as multiple sclerosis, stroke, and traumatic brain
injury. The U.S. Food and Drug Administration has granted Orphan
Drug Designation to Synaptogenix 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.
Additional information about Synaptogenix, Inc. may be found on its
website: www.synaptogen.com
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. 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 the Company 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 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. The
Company does not undertake to update these forward-looking
statements.
Contact
800-811-5591
ir@synaptogen.com
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SOURCE Synaptogenix, Inc.
