Synaptogenix, Inc. (NASDAQ:SNPX), a pharmaceutical company based in New York, has announced an amendment to its Series B Convertible Preferred Stock, extending the maturity date from August 31, 2024, to September 9, 2024. This extension, filed on Monday with the Delaware Secretary of State, allows for potential further extensions according to the terms initially set out in the Certificate of Designations.
The company, which operates under the industry classification of pharmaceutical preparations, initially established the Preferred Shares on November 21, 2022. Subsequent amendments were made on March 17, 2023, May 12, 2023, and September 22, 2023. The latest amendment signifies another strategic move by Synaptogenix to manage its preferred stock.
Synaptogenix, formerly known as Neurotrope (NASDAQ:NTRP) Bioscience, Inc., is incorporated in Delaware and has its fiscal year-end on December 31. The company's common stock is listed on The Nasdaq Stock Market LLC under the trading symbol SNPX.
The extension of the maturity date of the Preferred Shares does not alter the par value of the common stock, which remains at $0.0001 per share. Synaptogenix has been identified as an emerging growth company, which provides it with certain exemptions from various reporting requirements.
In other recent news, Synaptogenix, Inc. has embarked on significant developments in the field of neurodegenerative disease research. The company has initiated pre-clinical trials for polyunsaturated fatty acid (PUFA) analogs in collaboration with the Neuroscience Center of Excellence at LSU Health New Orleans, targeting spinal cord injuries.
The US Patent and Trademark Office has granted a patent for these compounds, which have shown potential in pre-clinical testing for Alzheimer's disease and other neurodegenerative disorders.
Simultaneously, Synaptogenix has received FDA authorization to proceed with a clinical trial for Bryostatin-1 as a potential treatment for multiple sclerosis. The trial will leverage advanced 7-tesla magnetic resonance imaging to assess the drug's effects on the brain at the Mellen Center for Multiple Sclerosis, part of the Cleveland Clinic Neurological Institute. Bryostatin-1 is believed to improve synaptic health and cognitive function, reduce inflammation, and protect nerve fibers, as shown in preclinical studies.
The company's financial standing, including $26.3 million in cash, is robust enough to fund the Phase 1 trial for MS. Synaptogenix is also exploring additional innovative assets and developing Bryostatin-1 for other indications, including Alzheimer's and Fragile X syndrome.
Lastly, the company has regained compliance with Nasdaq's minimum bid price requirement through a 1-for-25 reverse stock split, ensuring its continued listing on the Nasdaq Capital Market.
InvestingPro Insights
As Synaptogenix, Inc. (NASDAQ:SNPX) maneuvers through its corporate governance strategies with the recent amendment to its Series B Convertible Preferred Stock, investors might look for additional financial metrics to gauge the company's current standing. According to InvestingPro data, Synaptogenix has a market capitalization of approximately $4.57 million and is trading near its 52-week low, with its price at the previous close standing at $3.45. The company's financial health is a blend of strengths and concerns: while it holds more cash than debt, indicating some financial stability, it faces challenges with a negative P/E ratio of -0.89 and a quick rate of cash burn, which could raise red flags about its long-term sustainability.
An InvestingPro Tip highlights that Synaptogenix has not been profitable over the last twelve months and suffers from weak gross profit margins. These factors, combined with a poor free cash flow yield implied by its valuation, may affect investor sentiment. On the positive side, the company's liquid assets exceed its short-term obligations, providing some cushion for near-term financial obligations.
For investors seeking a deeper dive into Synaptogenix's financials and strategic outlook, InvestingPro offers additional tips and insights. There are currently 9 more InvestingPro Tips available, which can provide a more comprehensive view of the company's potential risks and opportunities.
As the pharmaceutical industry remains highly competitive and capital-intensive, these insights could be crucial for stakeholders making informed decisions regarding Synaptogenix's future prospects.
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