Benzinga - by Vandana Singh, Benzinga Editor.
Wednesday, vTv Therapeutics Inc (NASDAQ:VTVT) shares are soaring on a robust session volume of 2.7 million, compared to the average volume of 31.92 K as per the data from Benzinga Pro.
The company closed a private placement to healthcare-focused institutional investors, including a life sciences-focused institutional investor, Samsara BioCapital, and the JDRF T1D Fund, of 464,377 shares at $11.81 per share and pre-funded warrants for 3.85 million shares in lieu of vTv common stock in a private placement financing for total gross proceeds of $51 million.
Further, in conjunction with the PIPE, vTv has reduced the size of its Board of Directors from nine to seven members, three of whose members will be designated by the new investors, and includes Srinivas Akkaraju, MD, PhD, Founder and Managing General Partner at Samsara.
vTv will use the proceeds to fund the first Phase 3 study of its lead product candidate, cadisegliatin, which is expected to be initiated in mid-2024.
vTv Therapeutics is a clinical-stage biopharmaceutical company focused on developing oral small-molecule drug candidates.
vTv has a pipeline of clinical drug candidates led by cadisegliatin (TTP399), a potential adjunctive therapy to insulin for type 1 diabetes.
Price Action: VTVT shares are up 103.8% at $17.32 on the last check Wednesday.
Photo: Darko Stojanovic from Pixabay
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