NTRP NextTrip Inc

Item 1.01        Entry into a Material Definitive Agreement.

On July 23, 2020, Neurotrope BioScience, Inc. (“Neurotrope BioScience”), a wholly-owned consolidated operating subsidiary of Neurotrope, Inc. (“Neurotrope”), executed a Services Agreement (the “Agreement”) with Worldwide Clinical Trials, Inc. (together with its affiliates, “WCT”). The Agreement relates to services for Neurotrope BioScience’s Phase 2 clinical study assessing the safety, tolerability and  long-term efficacy of bryostatin in the treatment of moderately severe Alzheimer’s disease subjects not receiving memantine treatment (the “Study”).

Pursuant to the terms of the Agreement, WCT will provide services to enroll approximately one hundred (100) Study subjects. Neurotrope and Neurotrope BioScience expect that the first Study site will be initiated during the third quarter of 2020. The total estimated budget for the services, including pass-through costs, is approximately $9.8 million. As previously disclosed on January 22, 2020, Neurotrope has received a $2.7 million award from the National Institutes of Health, which award will be used to support the Study, resulting in an estimated net budgeted cost of the Study to Neurotrope of $7.1 million. In connection with their entry into the Agreement, the parties agreed that WCT would invoice Neurotrope BioScience for the following advance payments: (i) services fees of approximately $490,000; (ii) pass-through expenses of approximately $140,000; and (iii) investigator/institute fees of approximately $310,000, which in each case will be due within ten (10) days of Neurotrope BioScience’s receipt of such invoice. Neurotrope BioScience may terminate the Agreement without cause upon sixty (60) days prior written notice.

Unless earlier terminated under the provisions of the Agreement, the Agreement will expire upon WCT’s completed performance of the services thereunder (including delivery of all the deliverables) and WCT’s receipt of all payments from Neurotrope BioScience that are due under the Agreement. In addition to Neurotrope BioScience’s termination right described above, Neurotrope BioScience may terminate the Agreement immediately due to patient safety. Further, under the Agreement, either Neurotrope BioScience or WCT may terminate the Agreement if the other party materially breaches the Agreement and fails to cure such breach. Additionally, either Neurotrope BioScience or WCT may terminate the Agreement upon notice to the other party if the other party is adjudicated insolvent or petitions for relief under any insolvency, re-organization, receivership, liquidation, compromise, or any moratorium statute.

The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated in its entirety into this Item 1.01 by reference.