Synaptogenix (SNPX) Extends CEO’s Employment and Forms Special Committee to Explore Strategic Opportunities

Synaptogenix, Inc. recently filed a Form 8-K with the Securities and Exchange Commission, detailing several key updates within the company. One significant development includes extending the term of Dr. Alan J. Tuchman, M.D., the Chief Executive Officer, through January 31, 2025. A fourth amendment to Dr. Tuchman’s offer letter has been made, where his base monthly salary will be reduced to $12,500 effective from January 1, 2025.

In addition to this extension, the company has entered into a consulting agreement with Dr. Daniel L. Alkon, M.D., the President and Chief Scientific Officer, effective January 1, 2025. As part of the agreement, Dr. Alkon’s consulting fee will be reduced to $16,000 per month from the same date.

Synaptogenix also announced the formation of a special committee on December 20, 2024, aimed at exploring strategic opportunities to create and enhance value for investors. Supported by a robust financial position, including $19.6 million in cash and cash equivalents as of September 30, 2024, and with approximately 1.3 million common shares outstanding, the company is actively seeking avenues to utilize its balance sheet strength.

Furthermore, the company revealed the termination of an agreement related to the Bryostatin-1 clinical trial, citing actions taken to reduce the burn rate associated with clinical trials for Bryostatin-1. This decision was influenced by the slow enrollment pace in the Phase 1 trial of Bryostatin-1 targeting the activation of Protein Kinase C Epsilon in multiple sclerosis patients.

Synaptogenix’s initiative to explore strategic opportunities aligns with its commitment to delivering value and potentially leveraging its strong financial standing for beneficial initiatives. These actions are part of the company’s drive to advance its mission of developing therapeutics for neurodegenerative disorders, with a focus on utilizing its resources efficiently.

For more information on Synaptogenix, Inc. and its recent developments, please refer to the official press release and the full Form 8-K filing on the company’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Synaptogenix’s 8K filing here.

Synaptogenix Company Profile

Synaptogenix, Inc operates as a biopharmaceutical company with product candidates in pre-clinical and clinical development. The company focuses on developing a product platform based upon a drug candidate called Bryostatin-1 for the treatment of Alzheimer's disease. It also evaluates therapeutic applications of bryostatin for other neurodegenerative or cognitive diseases and dysfunctions, such as fragile X syndrome, multiple sclerosis, and Niemann-pick type C disease.