vTv Therapeutics Announces Paul Sekhri as new President and Chief Executive Officer
July 27 2022 - 7:00AM
vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage
biopharmaceutical company focused on the development of orally
administered treatments for type 1 diabetes (T1D), today announced
that Paul Sekhri will lead the company as President and
Chief Executive Officer, effective August 1, 2022. Rich
Nelson, who has been serving as Interim Chief Executive Officer
since March 2, 2022, will continue to support the company as
Executive Vice President, Corporate Development and as a member of
the Board of Directors. Mr. Sekhri will also join vTv’s Board of
Directors.
Paul joins vTv as it sets to launch Phase 3 pivotal studies for
its most advanced product, TTP399, which was granted Breakthrough
Therapy designation by the U.S. Food and Drug Administration (FDA)
in April 2021 as an oral adjunctive therapy for the treatment of
T1D.
Positive results from the Phase 2 study showed treatment with
TTP399 resulted in a statistically significant improvement in HbA1c
relative to placebo and a clinically meaningful 40% decrease in the
frequency of severe and symptomatic hypoglycemia.
Last month, vTv announced a $25 million investment by G42
Investments AI Holding RSC Ltd. and entry into a collaboration and
license agreement with affiliates of G42 Healthcare whereby G42’s
affiliate will be funding a significant portion of the Phase 3
clinical trials for TTP399.
"While I’ve served in the Interim CEO role for the past four
months, we diligently searched for the right candidate to steer the
company through this final stage of TTP399 development and are
highly confident that Paul is the right person for the role,"
said Rich Nelson. "We are thrilled to have Paul join vTv at
this very exciting time in the company’s lifecycle as we actively
engage in activities in preparation of the initiation of our Phase
3 trials and continue to have positive discussions with
institutions in the biotech community about further investment in
vTv. Paul brings extensive experience as CEO of several prominent
healthcare companies and has strong ties to the biotech investment
community. We are very excited to have Paul on board and I look
forward to continuing to support vTv in my new role and to support
Paul in his.”
Mr. Sekhri brings nearly 30 years of healthcare experience,
including serving as President and CEO of several healthcare
companies such as eGenesis, Lycera Corp., Cerimon Pharmaceuticals,
as well as senior business development and strategy roles at
Sanofi, Teva Pharmaceutical Industries Ltd., TPG Biotech, Cerimon,
Ariad Pharmaceuticals and Novartis Pharma AG. He has been a
director on more than 30 private, public company and non-profit
boards and is currently a Director at Ipsen, S.A., Compugen,
Pharming N.V., Veeva Systems, Longboard, Spring Discovery and
eGenesis. Additionally, he is on the Board of Directors of the
Metropolitan Opera.
"During my long career as a biotechnology executive, I have been
attracted to truly novel therapeutic approaches that address
serious medical challenges and/or improve patient care," said Mr.
Sekhri. "T1D is a challenging enough disease for patients to manage
without also having to worry about hypoglycemia. A treatment that
significantly reduces the risk of hypoglycemia while also improving
Hb1Ac would be a significant advance for treating this disease. I
look forward to working with the vTv team to initiate and
successfully complete our Phase 3 trials."
On July 26, 2022, Mr. Sekhri was granted stock options (the
“Options”) to purchase 2,200,000 shares of the Class A common stock
of vTv at an exercise price of $0.79 per share pursuant to an
inducement award agreement (the “Inducement Award Agreement”).
Subject to potential acceleration upon the achievement of certain
performance metrics as set forth in the Inducement Award Agreement,
25% of the Options will vest on the first anniversary of the grant
date and thereafter the Options will vest in equal quarterly
installments over the next three years. Upon certain terminations
of employment, a portion of the Options will vest on a pro rata
basis based on the number of days employed during the four-year
term. The grant of Options was made as an inducement grant under
NASDAQ Listing Rule 5635(c)(4).
About vTv TherapeuticsvTv Therapeutics
Inc. is a clinical stage biopharmaceutical company focused on
developing oral, small molecule drug candidates. vTv has a pipeline
of clinical drug candidates led by programs for the treatment of
type 1 diabetes and cystic fibrosis related diabetes. vTv’s
development partners are pursuing additional indications in type 2
diabetes, chronic obstructive pulmonary disease, renal disease,
primary mitochondrial myopathy, and pancreatic cancer.
For more information, please visit www.vtvtherapeutics.com.
Forward-Looking StatementsThis release contains
forward-looking statements, which involve risks and uncertainties,
including statements regarding the potential grant of the FDA
Approval. These forward-looking statements can be identified by the
use of forward-looking terminology, including the terms
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “potential,” “predict,” “project,” “should,”
“target,” “will,” “would” and, in each case, their negative or
other various or comparable terminology. All statements other than
statements of historical facts contained in this release, including
statements regarding the agreements and transactions described in
this release are forward-looking statements. These statements
involve known and unknown risks, uncertainties and other important
factors, including the risk that the FDA Approval is not received
on a timely basis or at all, that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
our results to vary from expectations include those described under
the heading “Risk Factors” in our Annual Report on Form 10-K and
our other filings with the SEC. These forward-looking statements
reflect our views with respect to future events as of the date of
this release and are based on assumptions and subject to risks and
uncertainties. Given these uncertainties, you should not place
undue reliance on these forward-looking statements. These
forward-looking statements represent our estimates and assumptions
only as of the date of this release and, except as required by law,
we undertake no obligation to update or review publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise after the date of this release. We
anticipate that subsequent events and developments will cause our
views to change. Our forward-looking statements do not reflect the
potential impact of any future acquisitions, merger, dispositions,
joint ventures or investments we may undertake. We qualify all of
our forward-looking statements by these cautionary statements.
Contact: vTv: |
Katie Larch / Robert Flamm, Ph.D.Burns McClellan,
Inc.klarch@burnsmc.com / rflamm@burnsmc.com |
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