vTv Therapeutics reduces board to seven members from nine

vTv Therapeutics has closed a private placement to healthcare-focused institutional investors including a life sciences-focused institutional investor, Samsara BioCapital, and the JDRF T1D Fund, of 464,377 shares of common stock at a price of $11.81 per share, which is the 45 day VWAP ended on January 29, 2024, and pre-funded warrants for 3,853,997 shares of common stock in lieu of vTv common stock in a private placement financing. Total gross proceeds of the PIPE were $51 million. Further, in conjunction with the PIPE, vTv has reduced the size of its Board of Directors from nine to seven members, three of whose members will be designated by the new investors, and includes Srinivas Akkaraju, MD, PhD, Founder and Managing General Partner at Samsara. Additional information regarding the composition of the Board is available in a Current Report on Form 8-K filed with the SEC. vTv expects to use the proceeds from the PIPE to fund the first Phase 3 study of its lead product candidate, cadisegliatin, which is expected to initiate in mid-2024.