By Josh Beckerman

Provention Bio Inc. shares rose 8% to $8.91 after hours as the U.S. Food and Drug Administration approved Tzield, which the agency called the "first drug that can delay onset of Type 1 diabetes."

The injection was approved as a treatment to delay the onset of stage 3 type 1 diabetes in adults and children 8 and older who currently have stage 2 type 1 diabetes.

Provention said the Tzield approval "is a historic occasion for the T1D community and a paradigm-shifting breakthrough."

Meanwhile, MacroGenics Inc. said it has earned a $60 million milestone payment due to the approval. MacroGenics shares were up 5% at $6.89 after hours.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

November 17, 2022 18:42 ET (23:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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