CinPax LLC has acquired around 4.1 million shares of vTv Therapeutics IncVTVT at approximately $2.41 per share, with $6 million paid in cash at closing and the remaining $4 million payable on November 22.
The agreements also provide for the issuance of 1.2 million warrants to CinRx to acquire additional shares that become exercisable upon agreed vesting triggers (including FDA approval of TTP399).
In addition to the investment, vTv will leverage the CinRx team’s industry experience to collaborate on the oversight of the clinical trials for pharmaceutical products that contain TTP399.
“In addition to the $10 million investment, the CinRx team brings exceptional industry experience in developing therapeutics. On top of last month’s announcement of G42 Healthcare’s $25 million investment into vTv, this investment provides additional funding towards our Phase 3 clinical trials for TTP399,” said Rich Nelson, Interim CEO of vTv.
In June, vTv Therapeutics announced agreements that include a $25 million investment by G42 Investments AI Holding RSC Ltd and the potential issuance of $30 million in additional shares subject to FDA approval for TTP399.
Price Action: VTVT shares are up 19.46% at $0.86 during the premarket session on the last check Monday.
