Vyant Bio (NASDAQ:VYNT) Inc ended its first quarter with $16.4 million after a busy three months that saw it progress the discovery of small molecule therapeutics to treat neurological diseases.
In the period to March 31, 2022, the Cherry Hill, New Jersey-based company implemented an up to $14.5 million at the market financing vehicle with Canaccord Genuity (TSX:CF, LSE:CF) and another equity line of credit facility with Lincoln Park Capital for up to $15 million.
The biotech firm also identified a clinical candidate for Rett Syndrome through a robust rescue of disease phenotype in vitro using proprietary high throughput screening technology.
READ: Vyant Bio ends 2021 with $20.6M in cash as it sharpens focus on novel drug discovery
CEO Jay Roberts told shareholders that the company is validating important data that it believes will demonstrate its ability to de-risk the selection of therapeutics that can rescue a disease phenotype.
“We believe current preclinical models are not sufficiently predictive, and many current therapies for CNS disorders only address the symptoms and do not reverse the effects of neurological diseases,” Roberts said in a statement.
“Our focus during the first 90 days of 2022 was to progress our platform validation efforts to advance our CNS programs that are designed to identify disease-modifying therapeutics, consistent with our plans and prior disclosures to our shareholders.”
Research and development highlights
On the research front, Vyant chief scientific officer Robert Fremeau told investors that the group’s Rett patient-derived neural spheroids show a “robust and reproducible” disease-specific phenotype that can be quantified in an unbiased manner across dozens of endpoints.
“By phenotypic screening of our Rett neural spheroids, we identified VYNT-0126 which has consistently shown a dose-dependent unique rescue of the RTT functional phenotype with a differentiated mechanism of action from other Rett syndrome clinical candidates,” Fremeau said.
“Our ongoing work on CDKL5 and familial Parkinson's disease has further established that our discovery platforms represent a new, unique robust model for human-first CNS drug discovery.”
Total revenue from continuing operations increased 49.3% to $303,000 in 1Q compared with $222,000 for the three months ended March 31, 2021.
Research and development expenses increased to $1.6 million from $820,000 as the company invested in its Maple Grove research facility and its new facility in California.
The company reported a net loss of $9.2 million compared to $7.4 million in the same year-ago period.
Vyant is in the process of divesting its vivoPharm business, which is expected to complete in 2022.
Vyant Bio (NASDAQ:VYNT) is focused on identifying unique biological targets and novel and repurposed therapeutics. It has built a platform of therapeutics seeking to treat neurodevelopmental and neurodegenerative diseases, with current programs targeting Rett Syndrome, CDKL5 Deficiency Disorders, and Parkinson's Disease.