Vyant Bio Postpones Second Quarter Investor Conference Call and Webcast
Vyant Bio has postponed its Q2 and H1 2022 investor conference call due to recent developments affecting the valuation of its vivoPharm subsidiary. This change is attributed to accounting revisions related to tax considerations that may impact net sales and result in a non-cash intangible asset impairment charge. A new date for the earnings call will be announced after the completion of the valuation and tax analyses.
Vyant Bio focuses on drug discovery for neurodevelopmental and neurodegenerative disorders, integrating organoid models and machine learning technologies.
- Vyant Bio is focused on innovative drug discovery for neurodevelopmental and neurodegenerative disorders.
- The company utilizes organoid models and machine learning to enhance drug development processes.
- Postponement of the earnings call indicates potential uncertainties in the company's financial reporting.
- Tax-related accounting changes may lead to a non-cash intangible asset impairment charge, impacting financial results.
CHERRY HILL, N.J., Aug. 15, 2022 (GLOBE NEWSWIRE) -- Vyant Bio, Inc. (“Vyant Bio” or “Company”) (Nasdaq: VYNT) is an innovative biotechnology company reinventing drug discovery for complex neurodevelopmental and neurodegenerative disorders. The Company’s proprietary central nervous system (“CNS”) drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Today, Vyant Bio announced that it is postponing its investor conference call for the second quarter and first half of 2022, originally scheduled for Monday, August 15, 2022 at 4:30 pm ET.
Very recent developments related to the accounting for the potential sale of its vivoPharm subsidiary have caused the Company to need to make further revisions to its valuation estimate due to domestic and international tax considerations that may impact net sales proceeds and the resulting non-cash intangible asset impairment charge within discontinuing operations and related matters resulting from those changes.
The Company will issue a press release announcing the new date and time for the postponed earnings call upon the completion of the vivoPharm valuation and tax analyses.
ABOUT VYANT BIO, INC.
Vyant Bio, Inc. (“Vyant Bio” or the “Company”) (Nasdaq: VYNT), is an innovative biotechnology company focused on identifying unique biological targets and novel and repurposed therapeutics. Vyant Bio has built a platform of therapeutics seeking to treat neurodevelopmental and neurodegenerative diseases, with current programs targeting Rett Syndrome (“Rett”), CDKL5 Deficiency Disorders (“CDD”), and Parkinson’s Disease. The Company’s approach to drug discovery integrates human-derived biology with artificial intelligence and machine learning technologies to de-risk candidate selection, with the goal of improving the potential effectiveness of drugs discovered earlier in the development cycle. Vyant Bio’s management believes that drug discovery needs to progressively shift to more efficient methods as the widely used models for predicting safe and effective drugs have under-performed, as evidenced by the significant time and cost of bringing novel drugs to patients. By combining sophisticated data science capabilities with highly functional human cell derived disease models, Vyant Bio seeks to leverage its current ability to screen and test therapeutic candidates, and create a unique approach to assimilating data that supports decision making iteratively throughout the discovery phase of drug development to identify both novel and repurposed CNS therapeutic candidates.
For more information, please visit or follow Vyant Bio at:
Internet: www.vyantbio.com
LinkedIn: https://www.linkedin.com/company/vyant-bio
Twitter: @VyantBio
Forward Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to Vyant Bio, Inc.’s expectations regarding future financial and/or operating results, the efficacy of our drug screening and discovery process, the potential sale of its vivoPharm subsidiary, and potential for our services, future revenue or growth in this press release constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to, statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,” and “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in our attempts to discover drug candidates, partner with pharmaceutical and other biotechnology companies, achieve profitability, adapt to the global coronavirus pandemic, raise capital to meet our liquidity needs, and other risks discussed in the Vyant Bio, Inc. Form 10-K for the year ended December 31, 2021, and any subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Vyant Bio disclaims any obligation to update these forward-looking statements.
Investor Contact:
Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 10th Floor
New York, NY 10020 USA
Office: (646) 893-5835 x2
Email: info@skylineccg.com
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FAQ
Why did Vyant Bio postpone its investor conference call on August 15, 2022?
What impact do the accounting revisions have on Vyant Bio's financials?
What is Vyant Bio's focus in drug discovery?
