FDA Grants Neurotrope Inc (OTCMKTS:NTRP) Bryostatin Orphan Drug Designation

Neurotrope Inc (OTCMKTS:NTRP) had recently been involved in manufacturing of a drug for the Fragile X Syndrome (FXS). A few days ago the company announced that it has achieved the orphan drug designation from the FDA for its lead proprietary drug for the treatment, bryostatin. The drug is aimed at treating FXS by activating Protein Kinase C; the company is operating under a licensing agreement with Blanchette Rockefeller Neuroscience Institute.

The CEO of Neurotrope, Charles S. Ramat, stated that bryostratin targets the unmet needs of the genetic disorder, FXS. He also hinted that the company is aiming for other orphan diseases as well. The company has already started doing so, when it started preclinical work on bryostatin to use it for the treatment of Niemann-Pick type C. This was done to help eliminate the devastating disorder in children and newborns. The CEO also stated that they plan to continue to develop the drug towards more orphan diseases and genetic disorders.

Orphan drug designations are granted to drugs that are aimed to treat diseases that affect fewer than 200,000 people. The designation, granted by the FDA, allows the company to market the drug for seven years in America exclusively. The company is also awarded tax credits in clinical research costs. Additionally, the products that are awarded the designation enjoy a number of other incentives as well.

Neurotrope has also scheduled a stock holders meeting on June 9, 2015, with April 20, 2015 as the record date for stockholders entitled to attend. The company plans to pass a few adjournments and needs the stock holders to vote on those adjournments. The company has released a form 8K in this regard as well. The stockholders who want to motion an adjournment to appoint a new director or propose matters should file their requests with the secretary of the company beforehand.

Neurotrope Inc (OTCMKTS:NTRP) closed at $1.29, gaining 5.74% on April 10. The company currently trades 26.8 million shares in the market, with a 52 week range of $0.5-$1.99. The current market cap of the company is 34.57 million.

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