ENCINITAS, Calif., March 11, 2023 (GLOBE NEWSWIRE) — Ventyx Biosciences, Inc. VTYX (“Vantix”), has learned that Silicon Valley Bank (“SVB”) has been closed by the California Department of Financial Protection and Innovation, which has appointed the Federal Deposit Insurance Corporation (“FDIC”) as receiver. Have done
The majority of our cash and cash equivalents are held in accounts outside SVB and our investment portfolio does not have any exposure to SVB. A portion of our cash is deposited in SVB accounts and custodial accounts managed by SVB, and Ventix may not have full access to these funds in the near term. We do not see any material impact on our liquidity position or our ongoing operations as a result of this event.
About Ventex Biosciences
Ventix is a clinical-stage biopharmaceutical company focused on developing innovative oral medicines for patients suffering from autoimmune and inflammatory disorders. We are confident that our ability to efficiently discover and develop differentiated drug candidates will allow us to address a significant unmet medical need with novel oral therapies that can shift immunology markets from injectable to oral drugs. Our current pipeline includes three internally discovered clinical programs targeting TYK2, S1P1R and NLRP3, positioning us to become a leader in the development of oral immunology therapies. Ventix is headquartered in Encinitas, California. For more information about Ventix please visit www.ventixbio.com,
Ventix cautions you that the statements included in this report relating to matters that are not historical facts are forward-looking statements. These statements are based on Ventix’s current beliefs and expectations. Such forward-looking statements include, but are not limited to, statements relating to the following: Ventix’s expectations regarding the impact of the SVB receivership on Ventix’s liquidity position and operations. The inclusion of forward-looking statements should not be construed as a representation by Ventix that any of its plans will be achieved. Actual results may differ materially from those set forth in this press release due to inherent risks and uncertainties in Ventix’s business, including risks described in Ventix’s prior press releases and Ventix’s filings with the Securities and Exchange Commission (SEC) , which also includes Part II. Item 1A (Risk Factors) of Ventix’s Quarterly Report on Form 10-Q for the Quarter Ended September 30, 2022 is filed on November 4, 2022 and subsequently filed with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and Ventix undertakes no obligation to update such statements after events or circumstances exist. . All forward-looking statements are fully qualified by this cautionary statement, which is made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
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