Vital Therapies Announces Third Quarter Financial Results

SAN DIEGO, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Vital Therapies, Inc. (Nasdaq:VTL), a biotherapeutic company developing ELAD®, a cell-based therapy targeting the treatment of acute forms of liver failure, today announced results for the third quarter ended September 30, 2016.

Key Recent Developments
  • Twenty subjects have been enrolled at sites in the United States and Europe in VTL-308, the Company's phase 3 randomized, controlled, open-label trial, designed to evaluate the ELAD System in subjects with severe acute alcoholic hepatitis (sAAH).  There are now 33 sites open for enrollment in VTL-308.
  • Faheem Hasnain was appointed to the Company's Board of Directors.  In conjunction with joining the board, Mr. Hasnain has made a personal investment in shares of the Company.  Most recently Mr. Hasnain served as President, CEO and as a Director of Receptos, Inc., which was purchased by Celgene Corporation for $7.8 billion in August 2015.  Also, the Board of Directors has formed a Commercialization Committee, chaired by Mr. Hasnain, to formulate a commercial strategy in anticipation of a positive outcome for its VTL-308 phase 3 clinical trial. 
  • Presented two posters and made related presentations at the 17th International Symposium on Albumin Dialysis in Liver Disease, which took place mid-September in Rostock, Germany. The first poster is titled "Hepatic Inflammation and Cellular Therapy."  The second poster is titled "VTL C3A Cell-Secreted Factors Reduce In Vitro Hepatocellular Injury via Multiple Mechanisms."  Both posters and the related presentations can be found on the Company's web site.   
  • Raised net proceeds of $11.8 million through October 31, 2016 under an existing "at-the-market," or ATM, sales agreement since initiating the program in March 2016 and from a private placement to the Company's new director. 

Third quarter 2016 Financial Results

Cash Position

Cash and cash equivalents at September 30, 2016, totaled $68.1 million compared to $83.4 million at December 31, 2015.  The Company believes its cash position is sufficient to fund the Company through the first quarter of 2018.

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