vTv Secures $51M in Private Healthcare Financing

vTv Therapeutics, a biopharmaceutical firm, has successfully completed a private placement for healthcare investors, securing $51 million in total gross proceeds. The company is dedicated to developing cadisegliatin, a drug intended to complement insulin treatment for type 1 diabetes. The funds raised will be directed towards the first Phase 3 trial of this leading product candidate, which is scheduled to start in mid-2024.

The private placement involved the issuance of common stock shares and pre-funded warrants, with Samsara BioCapital and the JDRF T1D Fund among the investors. As part of the transaction, vTv has downsized its Board of Directors to seven members, including three designated by the new investors. Dr. Srinivas Akkaraju from Samsara will be one of the new members.

Paul Sekhri, CEO of vTv Therapeutics, expressed excitement about the new investors and the upcoming Phase 3 study. He anticipates that the funds will support the company until the study's results are released, marking a pivotal moment for vTv. Dr. Akkaraju, having followed vTv's progress, is optimistic about the potential benefits of cadisegliatin for individuals with type 1 diabetes and is eager to contribute to the program's advancement.

The JDRF T1D Fund's Managing Director, Dr. Steven St. Peter, also expressed support for vTv's research and the Phase 3 study's potential to improve the lives of those with type 1 diabetes. With over 18 million people affected by the condition globally and a significant number not meeting their A1c targets, there is an urgent need for new treatment options.