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Provention Bio, Inc. (Nasdaq: PRVB) has announced a shift to a virtual format for its 2020 Annual Meeting of Stockholders, scheduled for July 15 at 9:00 a.m. ET. This decision is made in light of ongoing public health concerns due to COVID-19, prioritizing the safety of stockholders and participants. Eligible stockholders can vote during the meeting and must have their 16-Digit Control Number to access the virtual platform. Provention Bio focuses on developing therapies for immune-mediated diseases, including their candidate teplizumab aimed at delaying type 1 diabetes onset.
Provention Bio, Inc. (Nasdaq: PRVB) has been included in the Russell 3000® and Russell 2000® indexes as part of the annual reconstitution, effective June 29, 2020. This inclusion, based on market capitalization as of May 8, 2020, positions Provention Bio among the largest U.S. stocks, with Russell indexes serving as benchmarks for around $9 trillion in assets. The company focuses on innovative treatments for autoimmune diseases, with its lead candidate, teplizumab, aimed at delaying insulin-dependent type 1 diabetes onset.
Provention Bio, Inc. (Nasdaq: PRVB) announced the closing of its public offering of 7,590,000 shares of common stock at a price of $14.50 per share, generating gross proceeds of approximately $110.1 million. The offering included the full exercise of the underwriters' option for 990,000 shares. Proceeds will support general corporate purposes, including funding clinical development and potential in-licensing of additional product candidates. SVB Leerink and Cantor Fitzgerald served as joint bookrunning managers for this offering.
Provention Bio (Nasdaq: PRVB) announced the pricing of its public offering of 6,600,000 shares of common stock at $14.50 per share, aiming for gross proceeds of approximately $95.7 million. The offering is expected to close around June 22, 2020, subject to customary conditions. Provention Bio plans to utilize the funds for clinical and regulatory activities related to its product candidates, including PRV-031, PRV-015, PRV-3279, and PRV-101. The company has granted underwriters a 30-day option to purchase an additional 990,000 shares.
Provention Bio, Inc. (Nasdaq: PRVB) announced new data showing that a 14-day course of teplizumab (PRV-031) significantly delays the onset of insulin-dependent type 1 diabetes (T1D) by a median of three years compared to placebo. This follows previous reports of a two-year median delay. The study, involving 76 patients, demonstrated a 54% reduction in risk of T1D progression and promising stabilization of C-peptide levels, indicating preserved beta cell function. Provention aims to submit a Biologics License Application for teplizumab to the FDA in Q4 2020.