Petros Pharmaceuticals, Inc. Announces Executive Changes
September 30, 2020 at 09:15 am EDT
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Neurotrope, Inc. and Metuchen Pharmaceuticals, L.L.C., a privately held biopharmaceutical company focused on innovative therapeutics for men's health conditions announced that they have entered into an amendment to their definitive merger agreement ("Amended Merger Agreement") under which the consideration due to Neurotrope stockholders will increase to 49% of the combined company on a pro forma basis and based upon the final Neurotrope common stock share count at close (Under terms of the Merger Agreement dated July 23, 2020, Neurotrope stockholders were to own approximately 22.5% of the combined company.) As part of the strategy of enhancing value to its existing drug portfolio, Petros will be led by a streamlined management team and will focus on its two core assets: Stendra®, a phosphodiesterase-5 (PDE-5) inhibitor and the only oral, patented erectile disfunction (ED) product on the market, as well as H-100, an innovative, non-invasive topical treatment candidate for Peyronie's disease (PD). Petros will be led by Fady Boctor, Chief Commercial Officer of Metuchen, who will be named President and CCO. Mr. Boctor has extensive industry experience in men's health, particularly in the areas of ED and PD. A new board of directors will be installed and John Shulman, Founder and Managing Partner of Juggernaut Capital Partners ("JCP"), a leading private equity firm with over $1 billion in capital commitments, will become Executive Chairman of the Board. In line with Petros' more focused strategy, Charles S. Ryan, J.D., Ph.D., Neurotrope's Chief Executive Officer, will transition to a senior consulting role to Petros. Petros will explore the potential to convert Stendra® from prescription-only status to non-prescription status. Stendra® is a distinct oral prescription therapeutic that may be taken as early as approximately 15 minutes prior to intimate engagement, with or without food, and has a clinically proven safety profile, including a discontinuation rate due to adverse events comparable to placebo.
Petros Pharmaceuticals, Inc. is a pharmaceutical company focused on men's health therapeutics with a range of commercial capabilities including sales, marketing, regulatory and medical affairs, finance, trade relations, pharmacovigilance, market access relations, manufacturing, and distribution. The Company is also focused on identifying, developing, acquiring, and commercializing therapeutics for men's health issues, including, erectile dysfunction (ED), endothelial dysfunction, psychosexual and psychosocial ailments, peyronie's disease, hormone health, and substance use disorders. The Company also markets its own line of ED products in the form of vacuum erection device (VED) products through its subsidiaries, Timm Medical, Inc. In addition, its ED products, the Company is focused on identifying and developing other pharmaceuticals to advance men's health, which is H100, which is the topical formulation candidate for the treatment of acute peyronie's disease.