OLDWICK, N.J., June 22, 2020 /PRNewswire/ -- Provention
Bio, Inc., (Nasdaq: PRVB), a biopharmaceutical company dedicated to
intercepting and preventing immune-mediated diseases, announced
today the closing of the previously announced public offering of
7,590,000 shares of common stock, including 990,000 shares sold
pursuant to the full exercise of the underwriters' option to
purchase additional shares, at a public offering price of
$14.50 per share. The gross proceeds
to Provention Bio from the offering, before deducting underwriting
discounts and commissions and other expense payable by Provention
Bio, were approximately $110.1
million.
Provention Bio intends to use its net proceeds from the public
offering for general corporate purposes, including the continued
funding of the clinical development, regulatory and manufacturing
activities, and pre-commercial activities for PRV-031, development
activities for PRV-015, development activities for PRV-3279 and
PRV-101 and which may include the acquisition or in-licensing of
other product candidates.
SVB Leerink and Cantor Fitzgerald & Co. acted as joint
bookrunning managers for the public offering. Oppenheimer & Co.
Inc. acted as lead manager and H.C. Wainwright & Co. and SMBC
Nikko acted as co-managers for the public offering.
The securities described above were offered and sold by the
Company pursuant to a final prospectus supplement and an
accompanying base prospectus forming part of a shelf registration
statement on Form S-3 (File No. 333-232995), which was declared
effective by the Securities and Exchange Commission ("SEC") on
August 8, 2019, and an
additional registration statement on Form S-3 (File No. 333-239246)
filed with the SEC pursuant to Rule 462 under the Securities Act of
1933, as amended, on June 17, 2020,
which was effective immediately upon filing, which are available on
the SEC's website located at http://www.sec.gov. An electronic copy
the final prospectus supplement and the accompanying base
prospectus may be obtained by contacting SVB Leerink LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, by telephone at
(800) 808-7525 ext. 6218, or by email
at syndicate@svbleerink.com or by contacting Cantor
Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave.,
6th Floor, New York, New
York 10022, or by email at prospectus@cantor.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Provention Bio, Inc.
Provention Bio, Inc. (Nasdaq: PRVB) is a biopharmaceutical
company leveraging a transformational drug development strategy
focused on the prevention or interception of immune-mediated
disease. Provention's mission is to source, transform and develop
therapeutic candidates targeting the high morbidity, mortality and
escalating costs of autoimmune diseases. Provention's diversified
portfolio includes teplizumab, a pre-commercial-stage candidate
that has been shown to delay the onset of insulin-dependent type 1
diabetes (T1D) in at-risk patients during the presymptomatic phase
of the disease. The Company's portfolio includes additional
clinical product development candidates that have demonstrated
proof-of-mechanism and/or proof-of-concept in other autoimmune
diseases, including celiac disease and lupus.
Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995, including but not limited to, statements relating to the
Company's studies. These statements may be identified by the use of
forward-looking words such as "anticipate," "believe," "forecast,"
"estimate," "expect," and "intend," among others. These
forward-looking statements are based on Provention's current
expectations and actual results could differ materially. There are
a number of factors that could cause actual events to differ
materially from those indicated by such forward-looking statements.
These factors include, but are not limited to, risks related to
failure to obtain FDA approvals or clearances and noncompliance
with FDA regulations; uncertainties of patent protection and
litigation; limited research and development efforts and dependence
upon third parties; substantial competition; our need for
additional financing and the risks listed under "Risk Factors" in
our annual report on Form 10-K for the year ended December 31,
2019 and any subsequent filings with the Securities and
Exchange Commission. As with any pharmaceutical under development,
there are significant risks in the development, regulatory approval
and commercialization of new products. Provention does not
undertake an obligation to update or revise any forward-looking
statement. The information set forth herein speaks only as of the
date hereof.
Investor Contact:
Sam
Martin, Argot Partners
Sam@argotpartners.com
212-600-1902
Media:
Lori Rosen, LDR
Communications
lori@ldrcommunications.com
917-553-6808
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SOURCE Provention Bio, Inc.