VistaGen Therapeutics (NASDAQ: VTGN), a company developing therapeutics to transform the treatment paradigm for patients suffering from anxiety, depression and other central nervous system disorders, has reported its third-quarter 2022 financial and business status. Highlights of the report include the advancement of VTGN’s late-stage PH94B clinical program, including progress toward topline data readouts for phase 3 trials designed to evaluate PH94B in social anxiety disorder, the initiation of a long-term safety study and exploratory phase 2A trial in adjustment disorder with anxiety and preparation for clinical development in additional anxiety indications. In addition, the company reported that its PH10 phase 2B clinical program in major depressive disorder should begin in later this year and its phase 1B exploratory study for AV-101 in combination with probenecid is underway. Financial numbers show that VistaGen’s R&D expenses increased from $3.5 million in Q3 2021 to $8 million this quarter. In addition, general and administrative expenses increased to an estimated $2.9 million for the quarter ended December 31, 2021, compared to approximately $2.1 million for the same quarter in 2020.

The company held a conference call to discuss the report. “Our team is working tirelessly to advance the development of novel therapies to address urgent and growing mental health disorders,” said VistaGen CEO Shawn Singh in the press release. “Our third-quarter results reflect strong execution and progress against our strategy to realize the promise of our differentiated CNS pipeline. As we anticipate phase 3 data for studies in our PALISADE program for PH94B in social anxiety disorder later this year, we are expanding our clinical programs to explore compelling opportunities to redefine the standard of care for several additional mental health conditions. . . . Our forward momentum reflects the relentless commitment to our passion and purpose of delivering transformative therapies to address the unmet mental health needs of patients worldwide.”

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About VistaGen Therapeutics Inc.

VistaGen is a late-stage clinical biopharmaceutical company committed to fundamentally transforming the treatment landscape for many anxiety, depression and other CNS disorders. The company’s leadership is working to improve the lives of those with mental health conditions by advancing a pipeline of innovative programs targeting treatment of multiple forms of anxiety and depression. VistaGen’s primary candidates belong to a class of pharmaceuticals administered intranasally known as pherines, which are odorless, synthetic neuroactive steroids that bind to distinct receptors on chemosensory cells in the nasal passages that can impact the limbic amygdala without measurable systemic uptake. VistaGen’s lead asset, PH94B, is currently in multiple phase 3 trials and has the potential to be the first FDA-approved, fast-acting, acute treatment of anxiety for adults with social anxiety disorder. With an experienced leadership team and a steady flow of near- and long-term clinical milestones, VistaGen is passionate about bringing a visionary approach to mental health care. For more information about the company, please visit www.VistaGen.com.

NOTE TO INVESTORS: The latest news and updates relating to VTGN are available in the company’s newsroom at https://ibn.fm/VTGN

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