RED BANK, N.J., May 3, 2021 /PRNewswire/ -- Provention Bio, Inc.
(Nasdaq: PRVB) (the "Company"), a biopharmaceutical company
dedicated to intercepting and preventing immune-mediated diseases,
today announced that the Company granted stock options to 22 new
employees to purchase an aggregate of 423,800 shares of common
stock. The stock options were granted without stockholder approval
as inducements, material to the new employees entering into
employment with the Company pursuant to Nasdaq Listing Rule
5635(c)(4) and were approved by the Company's compensation
committee of the board of directors.
The stock options were granted with a 10-year term and an
exercise price equal to $7.17,
today's closing price per share of the Company's common stock as
reported by Nasdaq. Each of the options will vest 25% on the one
year anniversary of the grant date and 75% in equal installments
thereafter so that the grant is fully vested on the four year
anniversary of the grant date, provided that the new employee
continues to serve as an employee of, or other service provider to,
the Company on each such vesting date. The stock options are
subject to the terms of the Provention Bio, Inc. 2020 Inducement
Plan.
About Provention Bio, Inc.:
Provention Bio, Inc.
(Nasdaq: PRVB) is a biopharmaceutical company focused on advancing
the development of investigational therapies that may intercept and
prevent debilitating and life-threatening immune-mediated diseases.
The Biologics License Application (BLA) for teplizumab, its lead
investigational drug candidate, for the delay of progression to
Stage 3 clinical type 1 diabetes in at-risk individuals has been
filed by the U.S. Food and Drug Administration (FDA). The Company's
pipeline includes additional clinical-stage product candidates that
have demonstrated in pre-clinical or clinical studies
proof-of-mechanism and/or proof-of-concept in other autoimmune
diseases, including celiac disease and lupus. Visit
www.ProventionBio.com for more information and follow us on
Twitter: @ProventionBio.
Internet Posting of Information:
Provention Bio, Inc. uses its website, www.proventionbio.com,
as a means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation F.D.
Such disclosures will be included on the Company's website in the
"News" section. Accordingly, investors should monitor this portion
of the Company's website, in addition to following its press
releases, SEC filings and public conference calls and
webcasts.
Investor Contacts:
Robert
Doody, VP of Investor Relations
rdoody@proventionbio.com
484-639-7235
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SOURCE Provention Bio, Inc.