Shares of vTv Therapeutics fell in morning trading after the company announced the retirement of Stephen L. Holcombe, who has served as president and chief executive officer. Deepa Prasad is joining the company from a venture capital firm to take over the reins.
Shares of vTv Therapeutics fell in morning trading after the company announced the retirement of Stephen L. Holcombe, who has served as president and chief executive officer. Deepa Prasad is joining the company from a venture capital firm to take over the reins.
The change in leadership comes less than two weeks after the N.C.-based company announced positive results from a mechanistic study of its lead diabetes candidate, TTP399. Earlier this month, vTv reported data that suggests use of TTP399 can lower blood glucose without increasing the risk of Diabetic ketoacidosis, a serious complication of diabetes that can be life threatening. Additional Phase II data released this past February showed TTP399 demonstrated a statistically significant improvement in HbA1c compared to placebo and a clinically meaningful decrease of 40% in the frequency of severe and symptomatic hypoglycemia. As BioSpace previously reported, the Phase II data also showed that abnormal serum and urine ketone levels were observed less frequently in the TTP399 cohort than in the placebo cohort. The company is set to launch a late-stage study of TTP399, which was previously granted Breakthrough Therapy Designation by the U.S. Food and Drug Administration.
TTP399 is being developed as an adjunctive therapy to insulin for type 1 diabetes. It is a novel, oral, once-daily glucokinase activator.
Type 1 diabetes is an autoimmune disease that causes an individual’s pancreas to stop producing insulin. It is caused when the body’s immune system attacks and destroys insulin-producing cells in the pancreas, which are known as beta cells. There are currently no cures or preventative measures for type 1 diabetes.
Prasad joins vTv after serving as Managing Director at WestRiver Group, a venture capital firm. There, she led WestRiver’s investments in Design Therapeutics, Ginger and Curai. She currently sits on the Board of Design Therapeutics and is an Independent Advisor to Equilibre Biopharmaceuticals. Earlier this year, she was awarded the Falk Marques General Partners Rising Star Award sponsored by Deloitte.
Following the announcement of her appointment, Prasad expressed her excitement, particularly about leading the company through its next phase of growth and late-stage clinical development.
“Hypoglycemia is a significant cause of morbidity and potential mortality, and vTv is well-positioned to address this serious issue for the worldwide and growing Type 1 diabetes patient population,” Prasad said in a statement.
vTv Chairwoman of the Board Robin Abrams also expressed excitement over Prasad’s leadership. Abrams called Prasad “the right choice to steer the company through this final stage of TTP399 development, given her significant experience in leadership roles at several prominent healthcare companies during pivotal moments of change and growth.”
In the company’s filing with the U.S. Securities and Exchange Commission, vTv said Holcombe will transition into the role of Strategic Advisor to the CEO until the anniversary of Prasad’s first year as head of the company.
