Synaptogenix forms Special Committee to explore strategic opportunities

Synaptogenix (SNPX) 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, with approximately 1.3M 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, CEO 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.