Vivoryon Therapeutics AG to Publish its Third Quarter 2020 Business Update on November 26, 2020
Vivoryon Therapeutics AG Announces Conversion into Vivoryon Therapeutics N.V.
HALLE (SAALE) / MUNICH, Germany, 26 November 2020 – Vivoryon Therapeutics AG (Euronext Amsterdam: VVY; ISIN DE0007921835) announced today its third quarter business update for the period ending September 30, 2020. The third quarter 2020 report is available for download on the Company website (https://www.vivoryon.com/investors-news/financial-information).
KEY HIGHLIGHTS
- Enrollment of first patient in VIVIAD, the Company’s European Phase 2b Alzheimer’s disease study evaluating varoglutamstat (PQ912)
- Announcement of IND approval for varoglutamstat (PQ912)
- Successful completion of the Ordinary General Meeting of Shareholders
CORPORATE REVIEW
Financial Review (According to IFRS)
In the third quarter of 2020, research and development expenses amounted to EUR 3,653k and increased compared to the third quarter of 2019 (EUR 1,196k). General and administrative expenses increased to EUR 1,051k (Q3 2019: EUR 768k). The Company did not generate any revenue in the reporting period, in line with corporate planning. Therefore, the net loss of the period was EUR 4,598k compared to EUR 1,935k in the third quarter of 2019.
Vivoryon Therapeutics held EUR 10.0 million in cash and cash equivalents as of September 30, 2020. In addition, the Company holds other securities in amount of EUR 19,967k which can be liquidated at any time.
All results are in line with management expectations.
OPERATIONAL REVIEW
Announcement of Enrollment of First Patient in VIVIAD, European Phase 2b Alzheimer’s Disease Study with Varoglutamstat (PQ912)
The Company announced that the first patient was enrolled in VIVIAD, a Phase 2b, randomized and multi-center clinical study in Europe. The study will evaluate the safety and efficacy of Vivoryon’s lead candidate, varoglutamstat (PQ912), in patients with Alzheimer’s disease .
IND Approval for Phase 2 Study of Varoglutamstat (PQ912) in Patients with Alzheimer’s Disease
The Company announced that the U.S. Food and Drug Administration (FDA) cleared the Company’s Investigational New Drug (IND) application for varoglutamstat (PQ912). FDA clearance of the IND will enable Vivoryon to initiate its U.S. Phase 2 clinical trial program for varoglutamstat (PQ912) in Alzheimer’s disease as planned.
Ordinary General Meeting of Shareholders of Vivoryon Therapeutics AG
The Company announced that its shareholders approved all resolutions proposed by the Company’s management and Supervisory Board at the Company’s Annual General Meeting which took place on Wednesday, September 30, 2020. This included the transfer of the statutory seat to Amsterdam, the Netherlands, leading to a conversion into a public company under the laws of the Netherlands.
FINANCIAL CALENDAR 2021
Full Year Results 2020 – April 20, 2021
First Quarter Results 2021 – June 01, 2021
Half Year Results 2021 – September 21, 2021
Third Quarter Results 2021 – November 23, 2021
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For more information, please contact:
Vivoryon Therapeutics AG
Dr. Ulrich Dauer, CEO
Email: contact@vivoryon.com
Trophic Communications
Gretchen Schweitzer / Joanne Tudorica
Tel: +49 172 861 8540 / +49 176 2103 7191
Email: vivoryon@trophic.eu
About Vivoryon Therapeutics AG
With 20+ years of unmatched understanding in identifying post-translational modifying enzymes that play critical roles in disease initiation and progression, Vivoryon’s scientific expertise has facilitated the creation of a discovery and development engine for small molecule therapeutics. This platform has demonstrated success by developing a novel therapeutic in type 2 diabetes. In its current programs Vivoryon Therapeutics is advancing its lead product, varoglutamstat (PQ912), in Alzheimer’s disease and its entire portfolio of QPCT and QPCTL inhibitors in oncology and other indications. In addition, the company pursues a development program for Meprin protease inhibitors with potential therapeutic use in fibrotic diseases, cancer and acute kidney injury. www.vivoryon.com
Forward Looking Statements
Information set forth in this press release contains forward-looking statements, which involve a number of risks and uncertainties. The forward-looking statements contained herein represent the judgment of Vivoryon Therapeutics AG as of the date of this press release. Such forward-looking statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, and which could cause actual results to differ materially from those contemplated in these forward-looking statements. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based.