High Point’s vTv Therapeutics brings in $10M in cash

HIGH POINT – The publicly-traded vTv Therapeutics Inc. (NasdaqCM: VTVT) has entered into an agreement that includes a $10 million cash investment from CinPax LLC.

Under the terms of the announced agreement, CinPax, a subsidiary of CinRx Pharma, LLC, has already acquired 4,154,549 shares of the High Point-based vTv Therapeutics Class A Common Stock, a statement issued by the company notes.

That’s an issue price of about $2.41 per share of stock, and about $6 million was paid at closing with the remaining balance under the agreement due on November 22, 2022.

Terms also include a warrant to exercise a future option to acquire additional 1.2 million shares of stock, should there be “vesting triggers” that include approval of the company’s drug known as TTP399.

Part of the deal also includes the assistance of the CinRx team in order to “collaborate on the oversight of the clinical trials for pharmaceutical products that contain TTP399,” according to the statement.

That drug, TTP399, received Breakthrough Therapy Designation from the FDA in April 2021, according to a prior report published on WRAL TechWire. According to that report, “TTP399 works in conjunction with insulin therapy to activate glucokinase, a process catalyzing the body’s breakdown of glucose.”

The company announced that it would cut about 65% of its workforce in December 2021, in order to focus efforts on TTP399.