HIGH POINT – vTv Therapeutics is slashing 65% of its workforce as part of a strategy to focus on upcoming late stage clinical trials of its drug targeting Type 1 Diabetes.
The company has 61 workers, according to its LinkedIn site.
As part of cost cust announced Monday evening, vTv (Nasdaq: VTVT) also said it was “pausing” development of a psoriasis treatment.
“It is always difficult to restructure but this allows us to focus on TTP399 and our future growth,” said Deepa Prasad, vTvv’s CEO. “Hypoglycemia management is a serious issue impacting the lives of patients and their families. We are very excited to see TTP399’s novel mechanism of action allowing for reduction of hypoglycemic episodes with a well-tolerated safety profile. We continue to engage with the FDA to map out a clear and positive path forward on our Phase 3 pivotal studies with the goal of improving quality of life for patients managing this chronic, burdensome disease.”