Exhibit 99.1

 

 

Vitae Pharmaceuticals Reports Fourth Quarter and Full Year 2014 Operating and Financial Results

 

Conference call scheduled for 8:30 a.m. EDT today

 

FORT WASHINGTON, PA, March 31, 2015 —

Vitae Pharmaceuticals, Inc. (NASDAQ: VTAE), a clinical-stage biotechnology company, reported today its operating and financial results for the fourth quarter and full year ended December 31, 2014.

 

“We continue to make significant progress in advancing our RORgt program with our lead proprietary candidate, VTP-43742 for the treatment of autoimmune disorders, towards initiation of a Phase 1 single ascending dose study,” said Jeffrey Hatfield, President and Chief Executive Officer of Vitae. “In addition, we recently completed a successful follow-on offering, providing us with the capital to further the development of our wholly-owned portfolio of potential first-in-class programs.”

 

Quarterly and Recent Highlights

 

Since September 30, 2014, Vitae has experienced the following:

 

Pipeline Updates:

 

·                  Continued to advance VTP-43742, Vitae’s product candidate to treat autoimmune diseases, toward an anticipated filing of an Investigational New Drug Application (IND), with Phase 1 clinical trials commencing thereafter. Vitae has completed the GMP manufacture of API to support the Phase 1 studies, and completed the safety pharmacology studies and gene toxicity studies. In addition, the Company is currently working to complete the 28- day GLP toxicity studies and continues to expect to initiate a Phase 1 trial during the second quarter of 2015.

·                  Boehringer Ingelheim (BI) has decided to move forward with the development of BI 1147560, a structurally different compound from BI 1181181. In the fourth quarter of 2014, Vitae announced positive top-line results with BI 1181181 for the treatment and prevention of Alzheimer’s disease as part of the BACE collaboration with BI. Subsequently, as announced in February 2015, in a Phase 1 clinical trial of BI 1181181, skin reactions were observed in some patients, prompting BI to place the compound on a voluntary clinical hold while the finding was investigated. BI has completed its analysis and concluded that skin reactions are an obstacle for further development. Therefore, BI has decided to move forward with the development of a structurally different compound, BI 1147560, which was also discovered and advanced through preclinical development as part of the BACE

 

Vitae Pharmaceuticals, Inc.

 

Tel: (215) 461-2000

502 West Office Center Drive

 

Fax: (215) 461-2006

Fort Washington, PA 19034

 

www.vitaepharma.com

 


The following information was filed by Vitae Pharmaceuticals, Inc (VTAE) on Tuesday, March 31, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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