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.
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.
