BioCentury
ARTICLE | Financial News

vTv falls after $117.2M IPO

July 31, 2015 3:44 AM UTC

vTv Therapeutics Inc. (NASDAQ:VTVT) lost $4.17 (28%) to $10.83 in its first day of trading Thursday after raising $117.2 million through the sale of 7.8 million shares at $15 in an IPO underwritten by Piper Jaffray; Stifel; Canaccord; and Janney Montgomery Scott. The price valued vTv at $492.2 million, based on 32.8 million shares outstanding. vTv priced at the bottom of its $15-$17 range; at $16 it would have raised $125 million and been valued at $525 million. The company filed last month to raise up to $172.5 million.

vTv is enrolling patients in the Phase III STEADFAST trial of azeliragon ( TTP488) to treat mild Alzheimer's disease, with top-line data expected in late 2017. The trial has an SPA from FDA. The oral small molecule receptor for advanced glycation endproducts (RAGE) antagonist has Fast Track designation from FDA to treat AD. ...