Vyant Bio (NASDAQ:VYNT) Inc has reported its third-quarter financial results and announced it expects to be able to fund operations through to at least the end of 2023.
The company had $9.4 million of cash and equivalents as of September 30. That, plus net proceeds from the sale of vivoPharm earlier this month and future proceeds from an equity line of credit and ATM have the company in a strong financial position, according to a statement.
“Vyant Bio (NASDAQ:VYNT)’s recent sale of our vivoPharm subsidiary adds non-dilutive cash to our balance sheet, completes one of our key milestones for 2022 and aligns well to conserve cash by focusing on our therapeutic pipeline to more quickly advance our drug discovery program in [central nervous system] disorders,” CEO Jay Roberts said in a statement.
READ: Vyant Bio showcases 'promise and potential' of its drug discovery platform at Boston medical conference
Looking ahead, the company plans to host a virtual research and development day in early December for the investment and scientific community. Vyant’s scientific team will discuss its ongoing work in RTT, CDKL5 deficiency disorder and familial Parkinson’s disease.
“As we highlighted in our last earnings conference call, we believe our focus on complex neurodevelopmental and neurodegenerative disorders addresses significant unmet medical needs, and will lead to the identification of important, disease modifying therapies for major causes of death and disability worldwide,” said chief scientific officer Robert Fremeau.
“Our RTT patient-derived cortical organoids show a robust and reproducible disease-specific phenotype that can be quantified in an unbiased manner across dozens of endpoints. Through phenotypic screening of our Rett organoids, we identified VYNT-0126 which has consistently shown a robust dose-dependent rescue of the RTT functional phenotype with a differentiated mechanism of action from other Rett syndrome clinical candidates.”
Fremeau added that Vyant will also participate in a Society for Neuroscience scientific meeting this week in San Diego, where the company plans to announce the identity of the repurposing drug VYNT-0126 and its differentiation from two advanced clinical candidates.
Vyant also recently submitted an application to conduct a Phase 2 proof-of-concept clinical trial for VYNT-0126 in adult RTT patients in Australia.
New Jersey-based Vyant Bio has a platform of therapeutics seeking to treat neurodevelopmental and neurodegenerative diseases, with current programs targeting Rett syndrome, CDKL5 deficiency disorders and Parkinson's disease.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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