SAN DIEGO, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Ventyx Biosciences, Inc. (NASDAQ:VTYX) ("Ventyx"), a clinical-stage biopharmaceutical company focused on advancing novel oral therapies that address a broad range of inflammatory diseases with significant unmet medical need, today announced that Sanofi has agreed to make a $27 million strategic investment in the Company at an as-converted price of $3.8243 per share of common stock, pursuant to which Sanofi will purchase 70,601 of the Company's Series A non-voting convertible preferred stock, each share of which is initially convertible into 100 shares of common stock. The closing of the transaction is expected to occur on September 23, 2024.
"We are very pleased with this strategic investment from Sanofi," said Raju Mohan, Chief Executive Officer. "Sanofi is a global leader in immunological and inflammatory diseases, and we believe this transaction is a recognition that VTX3232 could potentially offer a disease-modifying approach for the treatment of a number of neuroinflammatory conditions with high unmet medical need. We look forward to strengthening our relationship with Sanofi as the VTX3232 clinical programs progress, with data from the Phase 2a trial in patients with early Parkinson's disease and data from the Phase 2 trial in subjects with obesity and additional cardiometabolic risk factors, both expected in 2025."
In connection with the equity investment, the Company has agreed to grant Sanofi an exclusive right of first negotiation with respect to certain VTX3232 program rights.
The proceeds from the investment are expected to further strengthen the Company's cash position, and current cash, cash equivalents and marketable securities, inclusive of the proceeds from the investment, are expected to be sufficient to fund planned operations into at least the second half of 2026.
About VTX3232
VTX3232 is an oral, selective, CNS-penetrant NLRP3 inhibitor with potential therapeutic utility for a range of neuroinflammatory and neurodegenerative conditions, including Parkinson's disease, cardiometabolic disease, Alzheimer's disease, and multiple sclerosis, among others. In the first quarter of this year, ...
