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Proof-of-concept data for VTP-38543 expected in the fourth quarter of 2016
Conference call scheduled for 4:30 p.m. EDT today
FORT WASHINGTON, Pa., Aug. 03, 2016 (GLOBE NEWSWIRE) -- Vitae Pharmaceuticals, Inc. (NASDAQ:VTAE), a clinical-stage biotechnology company, today reported its operating and financial results for the quarter ended June 30, 2016.
Jeff Hatfield, President and Chief Executive Officer of Vitae, commented, “During the quarter, we made significant progress towards the completion of two key milestones for Vitae. First, we are on track to report top-line results for the ongoing Phase 2a proof-of-concept study for VTP-38543, our wholly owned, potential first-in-class LXRβ selective agonist being developed for atopic dermatitis, in the fourth quarter of 2016. Second, we continue to finalize plans for the next clinical trial, expected to initiate in the fourth quarter of 2016, of VTP-43742, our wholly owned, first-in-class RORyt inhibitor, in psoriasis patients. Previously, VTP-43742 demonstrated results that validated RORyt as a therapeutic target for psoriasis and VTP-43742 as a potentially paradigm-changing therapeutic.”
Quarterly and Recent Highlights
VTP-38543 in Atopic Dermatitis
VTP-43742 in Autoimmune Disorders
VTP-45489 in Autoimmune Disorders
New Contour® Program
Expected Upcoming Events
Company to Host Conference Call
Vitae will host a conference call with slides today, August 3, 2016, at 4:30 p.m. EDT to discuss the Company’s financial results for the quarter ended June 30, 2016, and recent operational highlights. A question and answer session will follow Vitae’s remarks. To participate on the live call, please dial 844-423-9893 (domestic) or +1-716-247-5808 (international), and provide the conference ID 56375798, approximately five to 10 minutes ahead of the start of the call.
A live audio webcast of the call and accompanying slides will be available via the “Investor Relations” page of the Vitae website, www.vitaepharma.com. Please log on through Vitae’s website approximately 10 minutes prior to the scheduled start time. A replay of the webcast and accompanying slides will be archived on Vitae’s website for 90 days following the call.
About Vitae Pharmaceuticals
Vitae Pharmaceuticals is a clinical-stage biotechnology company developing first-in-class product candidates with potential to transform the treatment paradigm for patients with significant unmet medical needs. Initial indications being pursued include psoriasis, other autoimmune disorders, and atopic dermatitis. Vitae’s lead clinical assets include VTP-43742, an oral RORgt inhibitor currently being studied in patients with moderate to severe psoriasis, and VTP-38543, an LXRβ selective agonist being studied in patients with mild to moderate atopic dermatitis.
For additional information, please visit the company’s website at www.vitaepharma.com.
Safe Harbor Statement
This release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the development of Vitae’s clinical programs. These forward-looking statements are subject to a number of risks, including the risk factors set forth from time to time in Vitae’s SEC filings, including, but not limited to, the risks that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Vitae’s Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which are on file with the SEC and available on the SEC’s website at www.sec.gov. Additional factors may be set forth in Vitae’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2016, to be filed with the SEC in the third quarter of 2016.
In addition to the risks described above and in Vitae’s other filings with the SEC, other unknown or unpredictable factors also could affect Vitae’s results. No forward-looking statements can be guaranteed and actual results may differ materially from such statements. The information in this release is provided only as of the date of this release, and Vitae undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
|Vitae Pharmaceuticals, Inc.|
|Statement of Operations (unaudited)|
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Research and development||7,878,900||7,772,822||15,515,195||15,278,738|
|General and administrative||2,659,908||2,259,358||5,157,230||4,370,414|
|Total operating expenses||10,538,808||10,032,180||20,672,425||19,649,152|
|Loss from operations||(10,535,534||)||(9,870,592||)||(20,617,798||)||(19,337,325||)|
|Other income (expenses):|
|Loss on debt extinguishment||-||-||-||(206,678||)|
|Total other income (expenses)||125,487||109,250||200,024||(131,099||)|
|Per share information:|
|Net loss per common share:|
|Weighted‑average number of common shares:|
|Vitae Pharmaceuticals, Inc.|
|Selected Balance Sheet Data|
|Cash, cash equivalents and marketable securities||$||77,441,692||$||59,369,836|
|Common stock and APIC||267,404,963||228,463,162|
|Total stockholder’s equity||73,032,076||54,467,750|
INVESTORS: Vitae Pharmaceuticals, Inc. Richard S. Morris, CPA Chief Financial Officer (215) 461-2000 firstname.lastname@example.org Westwicke Partners John Woolford (443) 213-0506 email@example.com MEDIA: 6 Degrees PR Tony Plohoros (908) 591-2839 firstname.lastname@example.orgNEXT ARTICLE
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