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HIGH POINT, N.C. - vTv Therapeutics Inc. (NASDAQ:VTVT), a biopharmaceutical company in the late stages of drug development, announced today the appointment of Michael Tung, M.D., MBA, as Executive Vice President and Chief Financial Officer. Dr. Tung brings over two decades of experience in finance and corporate strategy within the biopharmaceutical sector. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 7.39, holding more cash than debt on its balance sheet.
This strategic executive move coincides with the company’s recent reinitiation of patient screening for its Phase 3 CATT1 trial, which is evaluating cadisegliatin as a novel oral therapy for type 1 diabetes.
Paul Sekhri, Chairman, President, and CEO of vTv Therapeutics, expressed confidence in Dr. Tung’s ability to guide the company’s financial strategy, citing his extensive capital markets expertise and industry knowledge. Dr. Tung’s career includes roles as CFO of AdvanCell Pty Limited and senior positions at FibroGen Inc. and Aclaris Therapeutics. He has also managed healthcare-dedicated funds as a Portfolio Manager.
Dr. Tung, a licensed physician with degrees from The George Washington University and Tufts University School of Medicine, acknowledged the significance of joining vTv Therapeutics at a critical juncture. He emphasized his commitment to enhancing shareholder value and supporting the company’s strategic vision and development goals.
The company’s clinical pipeline is headlined by cadisegliatin, a glucokinase activator with the potential to be the first of its kind for oral use in type 1 diabetes management. The treatment aims to improve glycemic control by targeting hepatic glucose uptake and storage. However, the safety and efficacy of cadisegliatin are still under investigation, and it has not yet received approval from health authorities.
The forward-looking statements in this press release are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. These statements are made as of the date of the release, and vTv Therapeutics does not undertake an obligation to update them.
The information in this article is based on a press release statement from vTv Therapeutics.
In other recent news, vTv Therapeutics has reinitiated patient screening for its Phase 3 CATT1 trial, focusing on cadisegliatin, a potential oral treatment for type 1 diabetes. The trial’s duration has been amended from 12 to 6 months to accelerate the delivery of topline data, with the primary endpoint remaining unchanged. Cadisegliatin has received Breakthrough Therapy designation from the FDA, highlighting its potential as a significant improvement over existing therapies. H.C. Wainwright has initiated coverage on vTv Therapeutics with a Buy rating, setting a price target of $36, emphasizing the company’s promising position in the Type 1 diabetes market. The FDA recently lifted a clinical hold on the CATT1 trial, allowing the company to proceed after resolving an experimental artifact issue. Additionally, vTv Therapeutics announced the upcoming resignation of its Executive Vice President and Chief Financial Officer, Steven Tuch, effective March 21, 2025. The company has begun an external search for his successor while Tuch remains in his role until the completion of the Annual Report. These developments mark significant steps for vTv Therapeutics as it advances its lead asset through the final stages of clinical trials.
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