vTv Therapeutics cuts 65% of employees in shakeup; Freenome bags $300M in Series D to expand multiomics platform
vTv Therapeutics has decided to chop down its workforce by almost two-thirds.
The High Point, NC biotech announced Monday that it would pivot and now prioritize its lead program, the oral glucokinase activator TTP399, as it gears up for Phase III pivotal trials.
The drug was granted breakthrough therapy designation after showing a 40% reduction in hypoglycemic episodes compared to placebo, and back in October vTv announced positive results in a study showing no increased risk for ketoacidosis, a severe complication of diabetes.
And because of that shift, vTv is undergoing the massive restructuring, including cutting the workforce, adding “several consultants” and pausing development on another drug — a PDE4 inhibitor for psoriasis.
“It is always difficult to restructure but this allows us to focus on TTP399 and our future growth,” said vTv CEO and president Deepa Prasad. “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.”
Oncology-focused Freenome raises $300M in Series D round
South San Francisco’s Freenome today announced a massive Series D haul this morning, bringing in $300 million and pushing Freenome’s total funding to over $800 million since 2014.
This round of financing was led by Perceptive Advisors and Peter Kolchinsky’s RA Capital Management, joined by existing investors Artis Ventures, Kaiser Permanente, Novartis and Ridgeback Capital Management. And with this kind of funding, there were several new investors that tagged along: Logos Capital and Pure Vida Investments, to name two.
The funding will go towards advancing Freenome’s colorectal cancer (CRC) screening test and expansion of its multiomics platform to other cancers. The company is also planning to extend its platform to develop tests for other cancers.
“We appreciate the shared belief our investors have in what is possible when it comes to fighting cancer,” said Freenome CEO Mike Nolan. “This funding gets us closer to bringing our early cancer detection tests to everyone.”