- CinPax LLC has acquired around 4.1 million shares of vTv Therapeutics Inc (NASDAQ: VTVT) at approximately $2.41 per share, with $6 million paid in cash at closing and the remaining $4 million payable on November 22.
- The agreements also provide for the issuance of 1.2 million warrants to CinRx to acquire additional shares that become exercisable upon agreed vesting triggers (including FDA approval of TTP399).
- In addition to the investment, vTv will leverage the CinRx team's industry experience to collaborate on the oversight of the clinical trials for pharmaceutical products that contain TTP399.
- "In addition to the $10 million investment, the CinRx team brings exceptional industry experience in developing therapeutics. On top of last month's announcement of G42 Healthcare's $25 million investment into vTv, this investment provides additional funding towards our Phase 3 clinical trials for TTP399," said Rich Nelson, Interim CEO of vTv.
- In June, vTv Therapeutics announced agreements that include a $25 million investment by G42 Investments AI Holding RSC Ltd and the potential issuance of $30 million in additional shares subject to FDA approval for TTP399.
- Price Action: VTVT shares are up 19.46% at $0.86 during the premarket session on the last check Monday.
Read at Benzinga