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vTv Therapeutics Announces 2022 Third Quarter Financial Results and Provides Corporate Update
Company on-track to initiate Phase 3 clinical trials of TTP399 in the first quarter of 2023 Industry veteran Paul Sekhri joins the Company as President, Chief
About this update from Vtv Therapeutics Inc.
[{"type":"text","content":"Company on-track to initiate Phase 3 clinical trials of TTP399 in the first quarter of 2023 Industry veteran Paul Sekhri joins the Company as President, Chief Executive Officer, and member of the Board of DirectorsAgreements with CinRx Pharma and a subsidiary to provide additional capital and access to CinRx’s industry and clinical trial expertise to support advancement of TTP399 HIGH POINT, N.C., Nov. 10, 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 third quarter ended September 30, 2022, and provided an update on recent corporate developments. “During the third quarter, we continued working diligently toward the commencement of TTP399 Phase 3 clinical trials, which we expect to initiate in 1Q2023,” said Paul Sekhri, Chief Executive Officer of vTv. “We intend to submit final protocols to the US Food and Drug Administration (FDA) in the coming weeks, with site-specific startup activities and patient enrollment starting the first quarter of 2023. Through our recently signed partnerships with CinRx and G42, I believe that we are well equipped to further advance the clinical development of TTP399 and move closer to realizing our goal of improving care and quality of life for patients with T1D.” 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, 2022, 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 million paid at closing and the remaining $4.0 million payable on November 22, 2022. vTv will issue warrants to CinRx to acquire 1.2 million additional shares of Class A common stock at an exercise price of approximately ...