OLDWICK, N.J., June 17, 2020 /PRNewswire/ -- Provention Bio,
Inc., (Nasdaq: PRVB), a biopharmaceutical company dedicated to
intercepting and preventing immune-mediated diseases, today
announced the pricing of its previously announced underwritten
public offering of 6,600,000 shares of its common stock at a public
offering price of $14.50 per share.
Gross proceeds to Provention Bio from the offering are expected to
be $95.7 million, before deducting
underwriting discounts and commissions and other offering expenses
payable by Provention Bio. In addition, Provention Bio has granted
the underwriters a 30-day option to purchase up to an additional
990,000 shares of its common stock, at the public offering price
less underwriting discounts and commissions. All of the shares in
the offering are being sold by Provention Bio. The offering is
expected to close on or about June 22,
2020, subject to customary closing conditions.
![(PRNewsfoto/Provention Bio, Inc.) (PRNewsfoto/Provention Bio, Inc.)](https://mma.prnewswire.com/media/720849/Provention_Bio_Logo.jpg)
SVB Leerink and Cantor Fitzgerald & Co. are acting as joint
bookrunning managers for the public offering. Oppenheimer & Co.
Inc. is acting as lead manager and H.C. Wainwright & Co. and
SMBC Nikko are acting as co-managers for the public offering.
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.
A shelf registration statement on Form S-3 (File No. 333-232995)
relating to the public offering of the shares of common stock
described above was declared effective by the Securities and
Exchange Commission (the "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. The offering is being made only by means of a written
prospectus and prospectus supplement that form a part of the
registration statement. A preliminary prospectus supplement and
accompanying base prospectus relating to the offering was filed
with the SEC and is available on the SEC's website at www.sec.gov.
An electronic copy of the final prospectus supplement and
accompanying base prospectus relating to the offering, when filed,
will be available on the SEC's website at www.sec.gov and may
also 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
Provention's expectations regarding the completion and timing of
the closing of the public offering. 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, the satisfaction of customary closing conditions
related to the public offering, 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 SEC and in the preliminary
prospectus related to the proposed offering filed with the SEC. 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.