Business
vTv Therapeutics Announces 2022 Second Quarter Financial Results and Provides Corporate Update
Paul Sekhri appointed as President, Chief Executive Officer and Board member. Entered into agreements with CinRx Pharma and a subsidiary to purchase $10
About this update from Vtv Therapeutics Inc.
[{"type":"text","content":"Paul Sekhri appointed as President, Chief Executive Officer and Board member. Entered into agreements with CinRx Pharma and a subsidiary to purchase $10 million in stock and to leverage CinRx’s industry experience to collaborate in overseeing TTP399 clinical trials. Entered into agreements with G42 Investments to purchase $25 million in stock, collaborate on clinical trials and exclusively license rights to develop and commercialize TTP399 in certain geographic markets by a G42 affiliate. HIGH POINT, N.C., Aug. 15, 2022 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the development of orally administered treatments for type 1 diabetes (T1D) today reported financial results for the second quarter ended June 30, 2022, and provided an update on recent corporate developments. “I have been with vTv for only about two weeks but the strategic steps that have been taken toward initiating the TTP399 pivotal study and the energy displayed by the team to execute on that program have been truly impressive,” said Paul Sekhri, newly appointed Chief Executive Officer of vTv. “I am looking forward to working with our management team and with our new partners, G42 Healthcare and CinRx Pharma, to accomplish our objective of improving the care and quality of life for T1D patients.” Recent Achievements Leadership. On July 27, 2022, the Company appointed Paul Sekhri as President, Chief Executive Officer (CEO) effective August 1, 2022, and was confirmed as a member of the board of directors on August 9, 2022. Mr. Sekhri brings nearly 30 years of healthcare industry experience, including serving as President and CEO of several healthcare companies, experience in several senior business development and strategy roles and he has been a director on more than 30 private, public company and non-profit boards. Partnership. On July 25, 2002, the Company entered into agreements with CinRx Pharma and its subsidiary, CinPax. CinPax agreed to acquire $10.0 million in vTv Class A common stock at approximately $2.41 per share with $6.0 million paid at closing and the remaining $4.0 million payable on November 22, 2022. vTv will issue a warrant to CinRx to acquire 1.2 million additional shares of Class A common stock at an exercise price of approximately $0.72 per share that will become exercisable up...