Jul. 29—HIGH POINT — High Point pharmaceutical company vTv Therapeutics this week announced that Paul Sekhri will lead the company as president and CEO, effective Aug. 1.

He will replace Rich Nelson, who will become executive vice president of corporate development. Both men will also have seats on the company's board.

The company, which leases office space in the Premier Center business park in north High Point, develops components of drugs that are being prepared for clinical trials.

It reports that its most advanced product is preparing to enter the final stage of development: a new Type 1 diabetes treatment called TTP399. It was granted breakthrough therapy designation by the U.S. Food and Drug Administration in April 2021 as an oral adjunctive therapy for the treatment of the disease.

Sekhri has nearly 30 years of experience working in the business side of the biotech industry in senior management roles for companies such as Cerimon Pharmaceuticals, Teva Pharmaceutical Industries Ltd., TPG Biotech, Ariad Pharmaceuticals and Novartis Pharma AG.

"Paul brings extensive experience as CEO of several prominent healthcare companies and has strong ties to the biotech investment community," Nelson said in a news release.

Sekhri noted that the goal of the TTP399 treatment is to reduce the risk of hypoglycemia for Type 1 diabetes patients.

"During my long career as a biotechnology executive, I have been attracted to truly novel therapeutic approaches that address serious medical challenges and/or improve patient care," he said in the release. "I look forward to working with the vTv team to initiate and successfully complete our Phase 3 trials."

The company also reported positive financial news, as it recently landed separate investments of $25 million and $10 million that will help fund the clinical trials.