VistaGen Therapeutics (NASDAQ: VTGN), a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other central nervous system (“CNS”) disorders, is reporting on its fiscal year 2023 third quarter ended December 31, 2022; the report also included corporate highlights for the same period. According to the report, VTGN has completed its Pherin acquisition, with all future royalty payment obligations related to PH94B and PH10 eliminated, and the company has added three new drug candidates to its pipeline. The company’s PH94Bp phase 3 program for social anxiety disorder is advancing as planned and the PH10 phase 1 study has been initiated with plans for phase 2B development. Financial results show that VTGN’s research and development expense decreased from $7.8 million to $6.9 million for the quarters ended December 31, 2021, and 2022, respectively, with general and administrative expense coming in flat at approximately $3.1 million for the same quarters. The report showed net loss for the two quarters of approximately $9.8 million and $10.7 million, respectively, and the company ended the year with cash and cash equivalents of approximately $25 million. “Since our last quarterly update, Vistagen has met several important business objectives,” said Vistagen CEO Shawn Singh in the press release. “Our recent acquisition of Pherin Pharmaceuticals, and now full ownership of PH94B and PH10, puts the company in a position to significantly enhance the commercial profile of these two promising pipeline assets. In addition, over the past two quarters, we advanced core clinical programs in social anxiety disorder, adjustment disorder and major depressive disorder. Both PH94B and PH10 have the potential to offer novel, fast-acting treatment for millions of patients confronting the effects of debilitating mental health challenges without the side effects and safety concerns often associated with current FDA-approved products. We believe Vistagen is now well-positioned to reach several important milestones during 2023.”
To view the full press release, visit https://ibn.fm/xFeUk
About VistaGen Therapeutics Inc.
Vistagen is a late clinical-stage biopharmaceutical company aiming to transform the treatment landscape for individuals living with anxiety, depression and other CNS disorders. The company is advancing therapeutics with the potential to be faster acting, and with fewer side effects and safety concerns than those that are currently available for treatment of anxiety and depression. Vistagen’s product candidates belong to a new class of drugs known as pherines, which are designed with a novel rapid-onset mechanism of action that activates chemosensory neurons in the nasal passages and can impact key neural circuits without systemic uptake or direct activity on CNS neurons in the brain. Vistagen is passionate about transforming mental health care and redefining what is possible in the treatment of anxiety and depression. For more information about the company, please visit www.VistaGen.com.
NOTE TO INVESTORS: The latest news and updates relating to VTGN are available in the company’s newsroom at https://ibn.fm/VTGN
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