VTVT - vTv Therapeutics Closes $51 Million Private Placement

2024-02-28 11:39:24 ET

DENVER, Colo., Feb 28, 2024 ( 247marketnews.com )- Despite announcing that it closed a $51 million private placement, priced at $11.81 per share, vTv Therapeutics Inc. (NASDAQ: VTVT ) was trading slightly higher, but it’s picking up at $14.98, up $6.4801 (+76.24%), on trading volume of 602,894 shares. Its 52-week range is $7.38 to $39.60

“We are excited to bring on additional high-quality investors as we prepare to initiate the first Phase 3 study of cadisegliatin, ” said Paul Sekhri, President and Chief Executive Officer of vTv Therapeutics. “We believe that the proceeds of the PIPE will take the Company through topline data from the first Phase 3 cadisegliatin study, which represents a significant inflection point for vTv.”

“Having followed the vTv story for several years, we are familiar with cadisegliatin and firmly believe in its potential to provide significant benefit to people living with T1D,” added Dr. Akkaraju. “I look forward to working closely with the Board, as well as Paul and the leadership team to help guide the continued advancement of this highly promising program as it moves toward Phase 3 development.”

“We are proud to support vTv’s continued study of cadisegliatin as a potential adjunctive therapy to insulin and are excited for the initiation of the Phase 3 study as they further assess its potential to improve the lives of people living with T1D,” said Steven St. Peter, M.D., Managing Director of the JDRF T1D Fund. JDRF is the world’s largest nonprofit funder of T1D research focused on accelerating cures, preventing, and treating T1D. There are more than 18 million people living with T1D worldwide with fewer than 30% meeting their A1c targets, demonstrating the clear need for additional therapies.

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