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Provention Bio, Inc. (Nasdaq: PRVB) announced the cancellation of its fourth quarter and full year financial results for 2022 following a definitive agreement to be acquired by Sanofi. This acquisition, which comes as Provention's U.S. TZIELD co-promotion partner, is subject to regulatory conditions. Consequently, the company will not hold its scheduled conference call on March 16, 2023. Provention will still file its annual report on Form 10-K by the March 31, 2023 deadline. The strategic move underscores its focus on advancing therapies for immune-mediated diseases, with implications for its ongoing product pipeline and investor outlook.
Provention Bio, Inc. (Nasdaq: PRVB) has granted stock options to a new non-executive employee for 10,000 shares of common stock, which were approved by the compensation committee without stockholder approval. The options have a 10-year term with an exercise price of $8.39, equivalent to the closing price on March 1, 2023. Vesting occurs 25% after one year and the remaining 75% in monthly installments over four years if the employee remains with the company. This move is part of the company’s strategy to attract talent as it continues its focus on advancing therapies for immune-mediated diseases.
Provention Bio, Inc. (Nasdaq: PRVB) will announce its fourth quarter and full year 2022 financial results on March 16, 2023, prior to the U.S. market opening. A conference call will take place at 8:00 AM ET to discuss these results and provide a corporate update. Investors can join the call by dialing 1-888-347-7861 domestically or 1-412-902-4247 internationally. An audio webcast will be accessible on Provention Bio's website, with an archived version available two hours after the call.
The company is dedicated to developing therapies for immune-mediated diseases, including those at advanced stages in clinical trials.
Provention Bio has finalized a $35 million equity investment from Sanofi US as part of their co-promotion agreement for TZIELD™ (teplizumab-mzwv), the first disease-modifying therapy for type 1 diabetes. This investment allows Provention to enhance its commercial launch efforts for TZIELD, doubling their field presence in the U.S.. TZIELD is indicated to delay the onset of Stage 3 type 1 diabetes in suitable patients. The co-promotion agreement, initiated in October 2022, aims to boost patient access and awareness while maintaining Provention's control over the commercialization strategy.
Provention Bio, Inc. (Nasdaq: PRVB) will participate in a fireside chat at the SVB Securities Global Biopharma Conference on February 15, 2023, at 11:20 AM EST. The event will be webcast live, accessible through the company's website, and archived for 30 days. Provention focuses on developing therapies for immune-mediated diseases, with a pipeline targeting conditions like Type 1 Diabetes, celiac disease, and lupus. For additional information, visit www.ProventionBio.com.
Provention Bio, Inc. (Nasdaq: PRVB) granted stock options to 8 non-executive employees, totaling 124,000 shares of common stock. These options, approved by the compensation committee, were issued without stockholder approval as inducements for new employees, complying with Nasdaq Listing Rule 5635(c)(4). The options have a 10-year term with an exercise price of $8.59, the closing share price on February 1, 2023. Vesting is structured with 25% on the first anniversary and the remaining 75% in equal monthly installments over four years, contingent on continued employment.
Provention Bio, Inc. (Nasdaq: PRVB) has announced the closing of a $40 million second tranche under a $125 million term loan facility with Hercules Capital (NYSE: HTGC). This funding aims to support the commercial launch of TZIELD®, a treatment for Stage 2 type 1 diabetes. CEO Ashleigh Palmer highlighted the positive reception of TZIELD® from patients and prescribers, noting favorable coverage policies from major payers. The loan facility will be drawn in multiple tranches, with further funding contingent upon milestone achievements. The revised loan terms will lower the interest rate, enhancing financial flexibility.
AGC Biologics has announced a new commercial manufacturing project at its Seattle site for TZIELD™ (teplizumab-mzwv), a treatment developed by Provention Bio, Inc. This therapy is the first and only one approved to delay the onset of Stage 3 type 1 diabetes (T1D) for patients aged 8 and older with Stage 2 T1D. The manufacturing partnership follows successful guidance through FDA validation and prior production phases. With over 1.8 million Americans affected by T1D, the introduction of TZIELD is expected to significantly impact the T1D community. AGC Biologics' Seattle facility boasts extensive experience and a strong history of compliance with FDA regulations.
Provention Bio, Inc. (Nasdaq: PRVB) announced the grant of stock options to 58 non-executive employees, totaling 763,000 shares. The options, which were issued without stockholder approval and approved by the compensation committee, have a 10-year term with an exercise price of $9.67. Options will vest 25% annually and 75% in equal monthly installments over four years, contingent on continued employment. This initiative aligns with Nasdaq Listing Rule 5635(c)(4) and is part of the company's strategy to attract and retain talent.
Provention Bio, Inc. (Nasdaq: PRVB) has appointed Rita Jain, M.D., to its Board of Directors. Dr. Jain brings over two decades of experience in pharmaceutical development, having held key positions at ChemoCentryx, AbbVie, and Abbott Laboratories. The Company anticipates her expertise will enhance its strategic direction, particularly in advancing the commercial launch of its product TZIELD™. This launch represents a significant milestone in the treatment of type 1 diabetes. Stakeholders are optimistic about Dr. Jain's contributions as the company aims to improve its position in the biopharmaceutical market.
