Business
vTv Therapeutics Announces 2023 Second Quarter Financial Results and Provides Corporate Update
HIGH POINT, N.C. , Aug. 11, 2023 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the
About this update from Vtv Therapeutics Inc.
[{"type":"text","content":"HIGH POINT, N.C. , Aug. 11, 2023 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the development of cadisegliatin (TTP399) as an adjunctive therapy to insulin for the treatment of type 1 diabetes (\"T1D\"), today reported financial results for the second quarter ended June 30, 2023, and provided an update on recent corporate developments. “In the first half of 2023, we made further progress in the development of cadisegliatin as an adjunctive therapy to insulin for the treatment of type 1 diabetes,\" said Paul Sekhri, Chief Executive Officer of vTv. \"The Breakthrough Therapy Designation granted to cadisegliatin has enabled us to actively engage with the FDA to align on the design and conduct of the planned phase 3 study. Further, our partners at Cantex Pharmaceuticals have made exciting progress on the development of azeliragon, a small-molecule RAGE inhibitor discovered by vTv, as a potential treatment for a variety of oncology and related indications. Overall, we believe we are well positioned heading into the second half of the year and look forward to providing updates, as appropriate, on our partnered programs, as well as cadisegliatin, as we advance toward the initiation of phase 3 study activities, which we continue to expect by year-end. The initial phase 3 study will test the FDA’s recommended primary endpoint, which is the reduction in the number of hypoglycemic events between placebo and cadisegliatin treated groups.\" Recent Company Highlights On July 17, 2023, the Company received notice from Nasdaq that it had approved the Company’s request to extend the period for the Company to regain compliance with the Minimum Bid Requirement until December 18, 2023. Second Quarter 2023 Financial Results Cash Position: The Company’s cash position as of June 30, 2023, was $12.6 million compared to $12.1 million as of December 31, 2022.Research & Development (R&D) Expenses: R&D expenses were $4.7 million and $2.2 million in each of the three months ended June 30, 2023 and 2022, respectively. The increase of $2.5 million is primarily attributable to higher spending on cadisegliatin, due to increases in drug product related costs, and an increase in indirect costs related to the development of cadisegliatin.General & Administrative (G&A) Expenses: G&A expenses were $3...