Neurotrope, Inc. announced the resignation of Paul E. Freiman and Jay M. Haft resigned from the Board of Directors of the company effective immediately, as a part of settlement. The Board appointed Mr. Joshua Silverman Chairman of the Board and Dr. Kenneth J. Gorelick to the Board, effective immediately. In addition, the company's Chief Executive Officer and President, Charles Ramat, entered into a Separation Agreement with the company pursuant to which he shall remain on as a consultant and resign from the Board and all other positions that he holds with the company, including Chief Executive Officer and President, on October 3, 2016.

The company will commence a search for a new Chief Executive Officer with significant experience in the biotechnology industry. Dr. Gorelick currently serves as chair of the Program Advisory Board for Asahi Kasei Pharma America and as Chief Medical Officer for PIN Pharma.