Neurotrope Announces Inducement Grant to Newly-Appointed Chief Operating Officer and General Counsel

Neurotrope, Inc. (Nasdaq: NTRP), a clinical-stage biopharmaceutical company developing novel therapeutics for neurodegenerative diseases, including Alzheimer's disease ("AD"), today announced the authorization of an inducement grant to newly-appointed Chief Operating Officer and General Counsel, Michael Ciraolo, J.D., Ph.D.

As previously announced, Dr. Ciraolo comes to Neurotrope from Ovid Therapeutics, where he served as senior vice president, chief intellectual property counsel.  Prior to joining Ovid, he was an executive director at Forest Laboratories, where he held positions of increasing levels of responsibility.   He has been involved with the development of numerous pharmaceutical products and transactional matters, including mergers, acquisitions and licensing opportunities. Dr. Ciraolo began his legal career as an associate at Baker Botts LLP in New York City, received a Ph.D. in chemistry from Stony Brook University and a J.D. from St. John's University School of Law.

In connection with the hiring of Dr. Ciraolo and pursuant to his employment offer letter, in addition to other compensation disclosed in Neurotrope's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 1, 2019, the Compensation Committee of the Board of Directors of Neurotrope authorized the grant to Dr. Ciraolo of a non-qualified stock option to purchase up to 100,000 shares of Neurotrope's common stock, which was granted on April 15, 2019. The option grant is an inducement material to Dr. Ciraolo's entering into employment with Neurotrope in accordance with Nasdaq Listing Rule 5635(c)(4). The option has an exercise price of $5.67 per share, the fair market value of Neurotrope's common stock on the date of grant and will vest as follows: 25% of the options vested on the date of grant, with the remaining 75% vesting in equal monthly installments over a two-year period beginning on April 1, 2019, subject to Dr. Ciraolo's continued employment with Neurotrope. The option has a ten-year term and is subject to the terms and conditions of a stock option agreement.

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