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vTv Therapeutics Announces 2023 Third Quarter Financial Results and Provides Corporate Update
HIGH POINT, N.C., Nov. 09, 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., Nov. 09, 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 third quarter ended September 30, 2023 and provided an update on recent corporate developments. “Our newly appointed Chief Medical Officer, Dr. Thomas Strack, who has been working with us on a consulting basis for several months, is now leading our work on the cadisegliatin Phase 3 program with the goal of initiating studies as soon as possible,” said Paul Sekhri, Chief Executive Officer of vTv. “Additionally, our partnered programs including azeliragon, licensed to Cantex Pharmaceuticals and mavodelpar, licensed to Reneo Pharmaceuticals, are advancing in the clinic and have the potential, if successful, to generate incremental value for vTv. As we approach the end of the year, we believe that 2024 could be a transformational year for our company and look forward to providing additional updates along the way.” Recent Company Highlights On November 2, 2023, the Company announced the appointment of Thomas Strack, M.D., as Chief Medical Officer.On November 1, 2023, the Company announced that it has entered into a common stock repurchase agreement with Reneo Pharmaceuticals, Inc. through which Reneo has purchased all of its common stock held by the Company for total proceeds to the Company of approximately $4.4 million. Third Quarter 2023 Financial Results Cash Position: The Company’s cash position as of September 30, 2023 was $8.2 million compared to $12.1 million as of December 31, 2022.Research & Development (R&D) Expenses: R&D expenses were $2.8 million and $3.1 million in each of the three months ended September 30, 2023 and 2022, respectively. The decrease is primarily attributable to lower spending on cadisegliatin, due to decreases in drug product related costs, offset by an increase in indirect costs related to the development of cadisegliatin.General & Administrative (G&A) Expenses: G&A expenses were $2.5 million and $2.6 million for each of the three months ended September 30, 2023 and 2022, respectively. The decrease of $0.1 million was primarily due to decreases in legal expense, and other G&A costs, partially offs...