Biopharmaceutical company VTV Therapeutics Inc. has regained compliance with NASDAQ and is no longer under threat of being delisted as of Sept. 14, according to a filing with the Securities and Exchange Commission.
The market value of VTV Therapeutics has been above $50 million for 10 consecutive days.
The company received a letter in June that the stock had 180 calendar days or until Dec. 26 to regain compliance because the market value of listed securities had been below $50 million for 30 consecutive days.
According to the filing, based on the closing trading price of Class A common stock on Sept. 14, the company’s total market capitalization was $176.2 million, allowing for the full exchange of Class B common stock and VTV LLC units for shares of Class A common stock.
The company announced a partnership this month with JDRF, a charity dedicated to funding type 1 diabetes, to fund a study on a drug therapy to target diabetes.
JDRF is giving VTV Therapeutics $3 million for the phase 2 study of the drug called TTP399. VTV will match this $3 million.
VTV Therapeutics, formerly TransTech Pharma, went public in 2015.
The company stock is trading at $5.94, down 2 cents, in Tuesday morning trading.