vTv Therapeutics Announces CEO Transition
vTv Therapeutics Inc. (Nasdaq: VTVT) announced the appointment of Rich Nelson as Acting CEO following the resignation of Deepa Prasad. Nelson, a board member since 2020, brings extensive experience in corporate development and mergers. Prasad will remain as a Strategic Advisor for six months. The company is focused on advancing its lead drug, TTP399, which received FDA Breakthrough Therapy Designation after showing a 40% reduction in hypoglycemic episodes in its Phase 2 study. vTv aims to launch pivotal trials for TTP399 in 2022.
- Appointment of Rich Nelson as Acting CEO, bringing over 25 years of experience.
- TTP399 demonstrated ~40% reduction in hypoglycemic episodes in Phase 2 study.
- TTP399 received FDA Breakthrough Therapy Designation, advancing its developmental timeline.
- Prasad will assist in the transition as a Strategic Advisor.
- Resignation of CEO Deepa Prasad may signal instability in leadership during a critical development phase.
HIGH POINT, N.C., March 3, 2022 /PRNewswire/ -- vTv Therapeutics Inc. (Nasdaq: VTVT) a clinical-stage biopharmaceutical company focused on the development of orally administered treatments for type 1 diabetes, today announced that the Company has appointed Rich Nelson as Acting Chief Executive Officer. Mr. Nelson joined the vTv Board of Directors in 2020, and currently serves as Executive Vice President Corporate & Business Development of Vericast, and Executive Vice President Corporate Development for MacAndrews & Forbes. He brings more than 25 years of business and legal experience in mergers & acquisitions and corporate development.
Deepa Prasad, who has been serving as the Company's Chief Executive Officer and a member of the Board of Directors, has informed the Company that she will be resigning. Ms. Prasad helped to streamline company operations to focus on TTP399, its promising, lead drug in development, and will serve as a Strategic Advisor to the Company for the next six-months. The Company values Ms. Prasad's experience and appreciates her willingness to advise Rich Nelson on the transition.
Mr. Nelson will work closely with the Company's Board of Directors as vTv continues to progress in the development of its pipeline of novel therapeutics, particularly TTP339, an orally administered treatments for diabetes.
"I am dedicated to the long-term growth and development of the Company and look forward to working with vTv's talented employees, scientists, and partners during this exciting time," Mr. Nelson said. The positive Phase 2 study results and FDA Breakthrough Therapy Designation for TTP339 are very promising milestones in the development of a novel treatment for such a serious issue impacting the lives of millions of patients and their families worldwide."
TTP399 is a novel, oral, liver-selective glucokinase activator that showed ~
About vTv Therapeutics
vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing oral, small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by programs for the treatment of type 1 diabetes and psoriasis. vTv's development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease, renal disease, primary mitochondrial myopathy, and pancreatic cancer. For more information, please visit www.vtvtherapeutics.com or follow us on Twitter: @vTvTherapeutics.
Forward-Looking Statements
This release contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this release, including statements regarding the timing of our clinical trials, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include those described under the heading "Risk Factors" in our Annual Report on Form 10-K and our other filings with the SEC. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. We anticipate that subsequent events and developments will cause our views to change. Our forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.
MEDIA CONTACT: PR@vtvtherapeutics.com
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SOURCE vTv Therapeutics Inc.
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