vTv Therapeutics Announces Sale of Shares in Reneo Pharmaceuticals for Proceeds of $4.4 Million

HIGH POINT, N.C., Nov. 01, 2023 (GLOBE NEWSWIRE) -- vTv Therapeutics Inc. (Nasdaq: VTVT), a clinical stage biopharmaceutical company focused on the development of cadisegliatin (TTP399) as an adjunctive therapy to insulin for the treatment of type 1 diabetes ("T1D"), today announced that it has entered into a common stock repurchase agreement with Reneo Pharmaceuticals, Inc. through which Reneo has purchased all of its common stock that was granted to vTv under the Reneo License Agreement for total proceeds to vTv of approximately $4.4 million.

“The proceeds from the sale of our Reneo stock will provide vTv with important financial support as we continue our preparations for the launch of the cadisegliatin Phase 3 program in T1D. We remain in active discussions related to the financing, partnering and/or licensing of cadisegliatin,” said Paul Sekhri, President and Chief Executive Officer of vTv Therapeutics. “We are excited about the therapeutic potential of mavodelpar and look forward to Reneo’s upcoming data readout. If mavodelpar is successful, it could provide significant upside to vTv and our shareholders through potential milestone payments and commercial royalties.”

Under the Reneo license agreement signed in December 2017, vTv granted Reneo an exclusive worldwide license to intellectual property relating to its PPARδ agonist program. Reneo’s lead program, mavodelpar, is a PPARδ agonist currently being studied in a pivotal Phase 2b clinical trial in adults with primary mitochondrial myopathies (PMM). vTv remains eligible to receive clinical, regulatory and commercial milestones totaling up to $94.5 million, as well as tiered royalties in the mid-single digits to low teens on potential sales of products based on tiers of annual net sales of licensed products, subject to certain customary reductions.

About vTv Therapeutics
vTv 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 cadisegliatin (TTP399), a potential adjunctive therapy to insulin for the treatment of type 1 diabetes. vTv’s development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease, primary mitochondrial myopathy, and glioblastoma and other cancers and cancer treatment-related conditions.