Six months into the job, Chief Executive Officer Deepa Prasad left vTv Therapeutics. Not long ago, the former CEO dramatically slashed its workforce to ensure funding for its lead diabetes asset.
Six months after taking over the helm of vTv Therapeutics and three months after dramatically slashing its workforce to ensure funding for its lead diabetes asset, Chief Executive Officer Deepa Prasad abruptly resigned her position.
In its announcement, vTv did not provide a reason for the departure of Prasad, only noting her service to the company to help streamline its operations and that she will serve as a strategic advisor to the leadership team for the next six months. vTv also said it values her service to the company, attempting to guide the development of its lead diabetes asset, TTP399, and appreciates her willingness to serve in a temporary advisory role.
Prasad joined the company in October of 2021 after serving in a previous position as a managing director at WestRiver Group, a venture capital firm. Prasad joined vTv on the cusp of sending TTP399 into Phase III development. She replaced the previous CEO, Stephen L. Holcombe, who announced his retirement. Holcombe had been expected to remain with the company as a strategic advisor to the CEO until Prasad completed her first year as head of the company. In its announcement this morning, vTv did not provide information about whether Holcombe will remain in that role to assist Prasad’s replacement.
Stepping in as acting CEO of North Carolina-based vTv is Rich Nelson, who joined the company’s board of directors in 2020. Nelson currently serves as executive vice president of corporate and business development of Vericast and executive vice president of corporate development of MacAndrews & Forbes.
Nelson said he is dedicated to the long-term growth of vTv Therapeutics and expressed his excitement about working with the company’s team of researchers to advance the development of TTP399, a novel liver-selective glucokinase activator being developed as adjunctive therapy to insulin for type 1 diabetes.
In a Phase II trial, TTP399 demonstrated an approximate 40% reduction in hypoglycemic episodes in diabetes patients. Hypoglycemia is the most common acute complication in type 1 diabetes, an autoimmune disease that causes the pancreas to stop producing insulin. Additionally, the company noted that no hypoglycemic episodes occurred in the TTP399 arm while four occurred on placebo. There are an estimated 1.6 million people with type 1 diabetes in the United States. By 2050, that patient population is expected to reach 5 million.
“The positive Phase II study results and FDA Breakthrough Therapy designation for TTP339 are very promising milestones in the development of a novel treatment for such a serious issue impacting the lives of millions of patients and their families worldwide,” Nelson said in a statement.
vTv anticipates launching pivotal trials for TTP339 later this year.
In December, vTv said it found an undisclosed partner to assist with the development activities of its other asset, HPP737, a PDE4 inhibitor for the treatment of psoriasis. The company noted at the time that it was evaluating strategic options, which could signal a potential divestiture of the psoriasis asset.
