Provention Bio, Inc. (PRVB)

[Dina]

Provention Bio announces closing of upsized IPO

https://seekingalpha.com/article/4189351-daily-pharma-scoop-ipo-review-crinetics-provention-float-ipo-bionano-files

Provention Bio (PRVB) closed its IPO of common shares at $4/share amounting to gross proceeds of ~$63.9M. Shares are expected to start trading on July 24 on The Nasdaq Capital Market. Provention has an extensive and developed pipeline. The pipeline consists of five candidates at various clinical trial stages. The lead candidate is in Phase 3 trial for the interception of Type 1 diabetes (T1D). Two other candidates follow close on its heels and are in mid and advanced Phase 2 trials. Apart from these three, there is one in Phase 1 and another in IND stage.

The lead candidate PRV-031 (teplizumab) is a Phase 3 anti-CD3 monoclonal antibody (‘mAb),. The candidate is being developed for the interception of Type 1 diabetes (‘T1D). The candidate was licensed from MacroGenics, Inc. and has been the put on various earlier clinical studies. The company claims that in these trials involved more than 1,000 subjects with approximately 823 receiving PRV-031 in those trials.

The late pivotal trial of PRV-031 is scheduled to begin in late 2019. That trial will evaluate three potential benefits of PRV-031 in pediatric and adolescent patients. Those three expected benefits under study will be preservation of beta cell function, improvement of glycemic control and decrease in insulin use. According to the American Diabetes Association data in 2015, out of the 30.3 million Americans who had diabetes, ~1.25M American children and adults have type 1 diabetes. Further, 1.5M Americans are apprehended to be diagnosed with diabetes every year. The seventh leading cause.