NC biopharma slahes 65% of workforce, to focus on diabetes drug

Interfirst Mortgage Company to lay off 77 Charlotte workers

HIGH POINT – vTv Therapeutics is slashing 65% of its workforce as part of a strategy to focus on upcoming late stage clinical trials of its drug targeting Type 1 Diabetes.

The company has 61 workers, according to its LinkedIn site.

As part of cost cust announced Monday evening, vTv (Nasdaq: VTVT) also said it was “pausing” development of a psoriasis treatment.

“It is always difficult to restructure but this allows us to focus on TTP399 and our future growth,” said Deepa Prasad, vTvv’s CEO. “Hypoglycemia management is a serious issue impacting the lives of patients and their families. We are very excited to see TTP399’s novel mechanism of action allowing for reduction of hypoglycemic episodes with a well-tolerated safety profile. We continue to engage with the FDA to map out a clear and positive path forward on our Phase 3 pivotal studies with the goal of improving quality of life for patients managing this chronic, burdensome disease.”

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Kassie Hoffman
Kassie pens down all the news from the world of politics on ANH.