VITAL THERAPIES ANNOUNCES 2018 FINANCIAL RESULTS EXHIBIT 99.1
SAN DIEGO, March 04, 2019 (GLOBE NEWSWIRE) -- Vital Therapies, Inc. (Nasdaq: VTL), a biotherapeutic company that has been developing ELAD®, a cell-based therapy targeting the treatment of acute forms of liver failure, today announced results for the year ended December 31, 2018.
On January 6, 2019, we entered into an exchange agreement (the “Exchange Agreement”), with Immunic AG, or Immunic, and all of the current shareholders of Immunic. Under this agreement, all Immunic shareholders will exchange all of their Immunic shares for shares of our common stock, with the result of Immunic becoming a wholly-owned subsidiary of Vital Therapies (the “Transaction”). Concurrently, Immunic’s shareholders entered into an agreement with Immunic, under which, subject to the terms and conditions of such agreement, they will invest an aggregate amount of approximately €26.7 million, or US $30.5 million, in Immunic prior to the consummation of the Transaction.
Following the closing of the Transaction, the company will be renamed “Immunic, Inc.” and will focus on advancing Immunic’s pipeline of treatments for chronic inflammatory and autoimmune diseases. As a result of the exchange, Immunic shareholders are expected to own approximately 89% of the company, subject to adjustment as provided in the Exchange Agreement.
Among other conditions, completion of the Transaction requires approval of both the issuance of the Company’s common stock in the exchange and the change of control resulting from the Transaction by an affirmative vote of the holders of a majority of the shares of our common stock at a special meeting of our stockholders, currently scheduled for April 4, 2019. Additional information regarding the Transaction is included in our registration statement on Form S-4 filed with the Securities and Exchange Commission in February 2019 and the related definitive proxy statement/prospectus. Subject to approval of our stockholders and other conditions, the Transaction is expected to close as early as the first half of April 2019.
Also in January 2019, in an effort to further reduce operating costs, our board of directors notified Mr. Russell J. Cox, our chief executive officer at the time, that his employment with us would be terminated without cause, and Mr. Cox submitted his resignation as a director to coincide with his termination date. The Vital Therapies’ board of directors then appointed our President, Duane D. Nash, M.D., to Mr. Cox’s prior position of chief executive officer and as a director.
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The following information was filed by Vital Therapies Inc (VTL) on Monday, March 4, 2019 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.