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Neurotrope Closes Merger with Germany Based Metuchen Pharmaceutical to Form Petros Pharmaceuticals
Thursday 03 December 2020

US-based clinical-stage biotech company Neurotrope, Inc. (NASDAQ: NTRP) and New Jersey based pharmaceutical company Metuchen Pharmaceuticals, L.L.C. have closed a merger announced in May to form Petros Pharmaceutical, Inc (NASDAQ: PTPI), focussed on men's health conditions, the company said.

Petros' cornerstone product would be Metuchen's Stendra for erectile dysfunction. Petros' pipeline would include Metuchen's recently in-licensed product H-100 for Peyronie's disease, and it would include a business development programme exploring various men's health products, including endothelial dysfunction, prostate cancer, psychosexual and psychosocial ailments, hormone health and substance use disorders.

Neurotrope shareholders also approved the spin-off of substantially all of Neurotrope's existing assets, operations and liabilities, except for certain cash retained in accordance with the terms of the merger agreement, into a separately traded public company.

In connection with the completed merger and pursuant to the terms of the Merger Agreement, Neurotrope and Metuchen have merged in an all-stock transaction forming a newly traded holding company named Petros Pharmaceuticals, Inc.

Petros' shares commenced trading on the NASDAQ Global Market on December 2, 2020, under the ticker symbol "PTPI."

Neurotrope shareholders will initially own approximately 49% of the combined company and Metuchen shareholders will initially own approximately 51% of the combined company. Pursuant to the terms of the merger agreement, Metuchen shareholders also may receive additional shares of Petros common stock issuable upon the achievement of certain milestones.

Petros' lead commercial asset is Stendra (avanafil), a US Food and Drug Administration-approved erectile dysfunction treatment.

Petros is currently exploring the potential to convert Stendra from prescription-only status to non-prescription status.

Petros will be led by Fady Boctor, chief commercial officer of Metuchen, who has been named president and CCO.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC served as legal counsel to Neurotrope and NBI and Morgan, Lewis and Bockius served as legal counsel to Metuchen with respect to the transaction.
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Date Published: 03/12/2020

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