A pharmaceutical company announces a loss of 17 million dollars | News
HIGH POINT – Pharmaceutical company High Point vTv Therapeutics reported a net loss of $17.6 million for 2021 in its latest financial report.
The company, which rents office space in the Premier Center business park, in December laid off around 65% of its workforce as part of a strategy to prioritize its work on a new diabetes treatment.
In its March 29 earnings report, the company also noted that it posted a net loss of $12.8 million for 2020.
Earlier in March, vTv Therapeutics announced a change in its management, with the resignation of Deepa Prasad as President and CEO. Prasad is an adviser to the company until September.
He hired Rich Nelson to replace her as interim CEO.
The company, which develops clinical-stage drug components, is touting its lead product, called TTP399, as part of a new treatment for type 1 diabetes, an incurable autoimmune disease that affects more than 1.6 million people. people in the United States.
Nelson joined the board in 2020 and was previously executive vice president of corporate and business development for Vericast Corp. and Executive Vice President of Corporate Development for MacAndrews & Forbes Incorporated. He has over 25 years of commercial and legal experience in mergers and acquisitions and business development.
“I am dedicated to the long-term growth and development of the business and look forward to working with the talented employees, scientists and partners of vTv during this exciting time,” Nelson said. “The positive results from the Phase 2 study and the FDA Breakthrough Therapy Designation for TTP339 are very promising steps in the development of a new treatment for type 1 diabetes patients worldwide.