Melbourne, Australia (06 June, 2014). Verva Pharmaceuticals Ltd. (“Verva” or the “Company”) is pleased to announce the results of its Annual General Meeting (AGM), held at the offices of K&L Gates in Melbourne, Australia, on 30 May 2014.
Verva’s current status, progress, challenges and strategy were elaborated in a presentation by Verva’s Board chair Dr. Ian Nisbet. Verva shareholders approved all resolutions presented at the AGM, electing Dr. Cherrell Hirst, Dr. Joshua Funder and Professor Michael Cowley to Verva’s Board of Directors and approving the appointment of Hock C. Ching as the Company’s auditor to replace previous auditors Ernst & Young.
Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and related complications. Verva’s lead clinical molecule, VVP808, has completed a successful clinical proof-of-concept study in type 2 diabetes, where twice-daily dosing of VVP808 for 24 weeks reduced HbA1c relative to placebo and provided additional clinical benefits including weight loss and improved markers of liver function (ALT reduction). The active ingredient of VVP808 (methazolamide) was originally approved in North America over 50 years ago as a treatment for glaucoma. Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform.
Mechanistic studies have determined that VVP808 is a new type of insulin sensitizer with a mode-of-action distinct from other diabetes therapies and different to its mode-of-action in glaucoma. VVP808 also reduced liver fat in animal models of diabetes, highlighting a potential application of VVP808 in the treatment of non-alcoholic fatty liver disease (NAFLD) and non-alcoholic steatohepatitis (NASH). Verva’s pipeline includes a focused program to elucidate the molecular target responsible for the VVP808 effect in diabetes and a drug discovery program developing next-generation insulin sensitizers (termed VVP100X) based on VVP808 structure and mode-of-action.
Vince Wacher, CEO
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