HIGH POINT, N.C. - vTv Therapeutics Inc . (NASDAQ:VTVT), a clinical stage biopharmaceutical company, has announced the closure of a private placement financing round, raising $51 million. The funding is earmarked for the Phase 3 study of cadisegliatin (TTP399), a potential adjunctive therapy for type 1 diabetes (T1D), expected to begin in mid-2024.
The private placement involved the sale of 464,377 common shares at $11.81 each, based on the 45-day volume-weighted average price as of January 29, 2024, and pre-funded warrants for an additional 3,853,997 common shares.
The investors include healthcare-focused institutions such as Samsara BioCapital, LLC, and the JDRF T1D Fund, a subsidiary of the leading T1D research nonprofit JDRF.
Concurrently with the financing, vTv Therapeutics has reduced its Board of Directors from nine to seven members, with three directors appointed by the new investors. Srinivas Akkaraju, MD, PhD, Founder and Managing General Partner at Samsara, is among the new board members.
Paul Sekhri, President and CEO of vTv Therapeutics, expressed confidence that the proceeds would support the company through the initial Phase 3 study of cadisegliatin, which he described as a significant milestone. Dr. Akkaraju echoed this sentiment, highlighting the potential of cadisegliatin to benefit individuals living with T1D.
Steven St. Peter, M.D., Managing Director of the JDRF T1D Fund, noted the urgent need for new therapies, with less than 30% of the 18 million people with T1D worldwide meeting their A1c targets.
The securities sold in this private placement have not been registered under the Securities Act of 1933 and are subject to restrictions on resale in the United States. vTv has agreed to file a registration statement with the SEC for the resale of these securities if requested by the investors.
This news is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy any securities.
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