Business
vTv Therapeutics Announces 2021 fourth Quarter and Full Year Financial Results and Provides Corporate Update
HIGH POINT, N.C., March 29, 2022 /PRNewswire/ -- vTv Therapeutics Inc. (Nasdaq: VTVT) today reported financial results for the fourth quarter and year ended
About this update from Vtv Therapeutics Inc.
[{"type":"text","content":"HIGH POINT, N.C., March 29, 2022 /PRNewswire/ -- vTv Therapeutics Inc. (Nasdaq: VTVT) today reported financial results for the fourth quarter and year ended December 31, 2021, and provided an update on the progress of its clinical programs.\n\"I am dedicated to the long-term growth and development of the Company and look forward to working with vTv's talented employees, scientists, and partners during this exciting time,\" Mr. Nelson said. \"The positive Phase 2 study results and FDA Breakthrough Therapy Designation for TTP339 are very promising milestones in the development of a novel treatment for type 1 diabetes patients worldwide\"\nRecent Achievements and Outlook\nCorporate\nLeadership. On March 1, 2022, the Company appointed Richard Nelson as Acting Chief Executive Officer. Mr. Nelson joined the vTv Board of Directors in 2020, and currently serves as Executive Vice President Corporate & Business Development of Vericast Corp., and Executive Vice President Corporate Development for MacAndrews & Forbes Incorporated. He brings more than 25 years of business and legal experience in mergers & acquisitions and corporate development. Mr. Nelson will work closely with the Company's Board of Directors as vTv continues to progress in the development of its pipeline of novel therapeutics, particularly TTP339, an orally administered treatment for type 1 diabetes. Strategic Focus. We plan to prioritize the development of our lead program TTP399, a novel, oral liver selective glucokinase activator, as a potential treatment for patients with type 1 diabetes (\"T1D\"), as well as continuing to support our currently partnered programs. Given the strategic focus on these programs, we plan to pause our development activities in the United States on HPP737 while we evaluate strategic options for it. As part of this planned strategic focus, the Company has reduced its workforce. We are actively seeking to raise non-dilutive capital through licensing TTP399 in regions outside of North America and Europe and are also actively seeking licensing deals for HPP737 and other assets. We are currently in active discussions with respect to financing, partnering, and licensing transactions for the further development of TTP399.Type 1 Diabetes\nMechanistic Study of Ketoacidosis with TTP399. In October 2021, we announced positive results from the Mechanisti...