HIGH POINT—HIGH POINT, N.C. — A High Point-based drug development company has been threatened with having its stock being delisted by Nasdaq because its market capitalization does not exceed $50 million, according to a filing with the Securities and Exchange Commission.
VTV Therapeutics received the notice from the stock exchange on June 27 and has until Dec. 26 to comply with the regulation.
The company notes that if its Class B shares were all converted to Class A shares, it would have a market capitalization in excess of $150 million.
VTV has a pipeline of small molecule clinical and pre-clinical drug candidates for the treatment of a wide range of human diseases including central nervous system disorders, metabolic disorders, inflammation and cancer. The company uses a proprietary drug discovery engine called TTP Translational Technology.
According to the company web site, “TTP Translational Technology minimizes manual tasks, provides rapid lead discovery and optimization of novel clinical candidates, avoids prior art issues associated with leads pulled from classical sources and is capable of addressing the need and demand for complex, nontraditional biological targets such as protein-protein interactions. TTP Translational Technology® realizes higher success rates in the development phase of compounds selected versus compounds discovered traditionally.”
The company’s major research and development activities have focused on central nervous system disorders, metabolic disorders, inflammation and oncology.
The company’s lead drug candidate, azeliragon, is a small molecule compound that is being developed for the treatment of Alzheimer’s disease.
VTV’s shares were trading at $5.17, up 9 cents, on Wednesday afternoon.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism