vTv Therapeutics rises on job cut plan to focus on adjunct therapy for diabetes

vTv Therapeutics

07/12/2021 13:37

** Drug developer's shares  VTVT.O  up ~6% at $1.20
premarket
    ** Co on Monday said it would cut about 65% of its workforce
to prioritise development of its lead program - TTP399, being
developed as an adjunct therapy to insulin in patients with type
1 diabetes  urn:newsml:reuters.com:*:nGNX6nMNwT 
    ** Type 1 diabetes is a chronic condition in which the
pancreas produces little or no insulin; TTP399 showed ~40%
reduction in hypoglycemic episodes, which occurs when blood
glucose falls below normal, compared to placebo in its mid-stage
study
    ** VTVT expects to incur severance costs of about $1.5 mln
and, an annualized cost savings of about $2.8 mln 
    ** Co gearing up to start late-stage study of TTP399
    ** Co to also pause development of its drug candidate-
HPP737, for treatment of psoriasis, a type of skin disease 
    ** Co to add several consultants with track records of drug
approvals with extensive Regulatory, Clinical, and Biostatistics
experience
   ** Up to Monday's close, stock had fallen 39.25% YTD 

    

 (Reporting by Oishee Majumdar in Bengaluru)
 ((oishee.majumdar@thomsonreuters.com;))