Vyant Bio (NASDAQ:VYNT) Inc announced its third-quarter 2021 strategic and business updates, reporting total revenue of $1.5 million for the three months ending September 30, 2021, compared to $1.9 million in 3Q 2021.
During the quarter, the New Jersey-based company announced that it appointed Robert Fremeau as the new chief scientific officer, who will be lead Vyant Bio (NASDAQ:VYNT)’s research and development programs.
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“We are pleased with the progress our R&D team is making to further our CNS rare disease and oncology-related HER2+ drug discovery programs,” said Jay Roberts, CEO of Vyant Bio in a statement.
He added: “The timing of Dr. Robert Fremeau’s arrival as our Chief Scientific Officer coincides well with our acceleration to later-stage drug discovery. Dr. Fremeau’s extensive experience with scientific research and drug discovery will be invaluable to us as we complete feasibility programs with leading biopharma companies, and develop our preclinical and translational strategy for driving a portfolio of therapeutic candidates from early discovery to human proof-of-concept.”
The company noted that it entered into two new first-phase feasibility programs with leading biopharma companies to demonstrate Vyant Bio’s human-derived discovery platform technology for identifying novel biological targets and novel compounds.
It also completed a second large screening of artificial intelligence (AI)-generated novel compounds for Rett Syndrome, in conjunction with its collaboration partner Atomwise, yielding promising results, including further hit expansion across two unique biological targets and several novel compounds.
“Vyant Bio is committed to transforming the way drugs are discovered by quickly adapting to exciting new technologies and combining our internal capabilities in ways that leverage the strength of our scientific and data science teams along with innovative technologies,” stated Fremeau.
He said that the internal teams of scientists, data scientists, and engineers, coupled with the capabilities of select strategic partners “allow us all to work together to design and develop superior therapeutics and position us to build a robust pipeline of novel therapeutics targeting degenerative and developmental neurological disorders and cancers with high unmet needs.”
The company also shared that it entered into a collaboration agreement with Cyclica, combining Vyant Bio’s patient-derived complex organoid biology alongside Cyclica’s proteome-wide, AI-enabled discovery platform to identify new treatments for CDKL5 Deficiency Disorder (CDD).
On the financial front, the company said that it sold services aggregating to $1.1 million, while products aggregated to $159,000. It noted that its manufacturing capabilities currently have excess capacity to support future growth.
It showed cash and cash equivalents of $23.2 million as of September 30, 2021.
The company further recorded a net loss of $4.4 million compared to $2.4 million in the same year-ago period.
Vyant Bio currently generates revenue from its vivoPharm and Stemonix subsidiaries.
The company has developed a drug discovery engine centered on revolutionary human-derived biology that incorporates advanced technology-driven chemistry, data science, and engineering with global regulatory expertise. Through multiple in silico, in vitro, and in vivo modalities, Vyant Bio rapidly identifies and designs small and large molecule therapeutics that are derisked in human biology much earlier, and have lower costs and failure rates compared to traditional discovery platforms.
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