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VTv Therapeutics Inc. said it reduced its workforce by about 65% as it prioritizes development of diabetes drug TTP399.
The company also said it added several consultants with track records of drug approvals. On Nov. 9, vTv
VTVT,
said it would focus on TTP399 and on TTP273 as a potential treatment for patients with cystic fibrosis-related diabetes. It said it would pause development activities in the U.S. on HPP737 for psoriasis, and said it would consider cost-cutting moves that could include workforce reductions.
“It is always difficult to restructure but this allows us to focus on TTP399 and our future growth,” the company said Monday. VTv said, “we are very excited to see TTP399’s novel mechanism of action allowing for reduction of hypoglycemic episodes with a well-tolerated safety profile,” and adding, “we continue to engage with the FDA to map out a clear and positive path forward on our Phase 3 pivotal studies.”
Shares rose 8% to $1.22 after hours.
