Business
VistaGen Therapeutics Reports Fiscal 2021 First Quarter Financial Results and Highlights CNS Pipeline and Business Progress
Company Received Over $17.5 Million Net Proceeds from PH94B Upfront License Payment and Public Offering of Common Stock Subsequent to Quarter-end Positive
About this update from Vistagen Therapeutics, Inc.
[{"type":"text","content":"Company Received Over $17.5 Million Net Proceeds from PH94B Upfront License Payment and Public Offering of Common Stock Subsequent to Quarter-end\n Positive Meeting with the FDA Sets Key Aspects of Pivotal PH94B Phase 3 Study\n\n\nSOUTH SAN FRANCISCO, Calif., Aug. 13, 2020 /PRNewswire/ -- VistaGen Therapeutics, Inc. (Nasdaq: VTGN), a biopharmaceutical company developing new generation medicines for anxiety, depression and other central nervous system (CNS) disorders, today reported financial results for its fiscal 2021 first quarter ended June 30, 2020.\n\n \n \n \n \n \n \n\n \n\"We accomplished several meaningful milestones thus far this fiscal year that positively impact our clinical development programs, including our PH94B Phase 3 program in social anxiety disorder. We reached consensus with the FDA on the key aspects of the design of our pivotal Phase 3 clinical studies of PH94B for acute treatment of anxiety in adults with social anxiety disorder. This design is similar to the design of the highly statistically significant Phase 2 study of PH94B in social anxiety disorder,\" said Shawn Singh, Chief Executive Officer of VistaGen. \"Additionally, we received the $5 million upfront license payment from our partnering arrangement with EverInsight Therapeutics for Phase 3 development and commercialization of PH94B in key markets in Asia. We also completed a successful public offering of our common stock, resulting in gross proceeds to us of $14.29 million. These accomplishments significantly strengthen our go-forward development plans. We believe now more than ever; the global society needs new, safe, fast-acting treatments for anxiety and depression and we remain committed to achieving that goal.\" \nFinancial Highlights During and Subsequent to the Fiscal 2021 First Quarter:\nVistaGen received a $5 million non-dilutive upfront license payment from EverInsight Therapeutics, the Company's strategic partner for Phase 3 development and commercialization of PH94B for anxiety-related disorders in multiple key markets in Asia. VistaGen completed an underwritten public offering of common stock resulting in gross proceeds of $14.29 million to the Company, before underwriting discounts and commissions and offering expenses. CNS Pipeline Highlights:\nVistaGen reached consensus with the FDA on key aspects regarding the Company's initial...