OLDWICK, N.J., Sept. 26, 2019 /PRNewswire/ -- Provention
Bio, Inc. (Nasdaq: PRVB), a clinical stage biopharmaceutical
company dedicated to intercepting and preventing immune-mediated
diseases, today announced the appointment of Sean Doherty to the Company's Board of
Directors. Mr. Doherty is the Executive Chairman of the JDRF T1D
Fund and a former Managing Director and General Counsel at Bain
Capital, LP. He brings
over 20 years of operational,
investment, risk management, and governance experience to
Provention, in addition to a deep knowledge of the type 1 diabetes
(T1D) community, and innovative investment approaches to the
disease.
![(PRNewsfoto/Provention Bio, Inc.) (PRNewsfoto/Provention Bio, Inc.)](https://mma.prnewswire.com/media/720849/Provention_Bio_Logo.jpg)
"Sean brings a unique set of experiences to our Board of
Directors as we approach a pivotal time in Provention's evolution
into a potential commercial-stage therapeutics company," said
Ashleigh Palmer, CEO of Provention
Bio. "Sean's passion for driving the development of novel
therapeutics that address T1D, together with his diverse skill set
and experience with patient advocacy, institutional investing,
business development and medical stakeholders, will serve us well
as we continue to execute our clinical and regulatory strategies
and commercial preparations for PRV-031 (teplizumab) for T1D. His
significant business background, including nearly fifteen years at
one of the world's premiere investment firms, will bring tremendous
value to the Provention team."
Mr. Doherty is the Executive Chairman of the JDRF T1D Fund, a
venture philanthropy vehicle focused on accelerating life-changing
solutions to cure, prevent and treat T1D through catalytic equity
investments. Mr. Doherty led the design and creation of the fund in
2015. He and his wife have been involved with JDRF since 2002, when
their son was diagnosed with T1D at the age of two. Mr. Doherty
recently retired from his role as Managing Director at Bain
Capital, LP, a private, global investment firm which he joined in
2005 as the firm's first General Counsel, and he is currently a
Senior Advisor to the firm.
"Provention Bio was one of the T1D Fund's earliest investments,
and I have long been impressed with their success in identifying
and advancing candidates which have the potential to prevent or
intercept immune-mediated diseases such as type 1 diabetes," said
Mr. Doherty. "I look forward to collaborating with the highly
accomplished Provention team as they plan to bring PRV-031
(teplizumab) to market, and advance other promising pipeline assets
that have the potential to transform the therapeutic landscape for
immune-mediated diseases."
Earlier in his career, Doherty worked at Ropes & Gray LLP
and was a law clerk to a federal district judge in Boston. Prior to law school, he was a
Lieutenant in the U.S. Navy, serving on a Middle East Force frigate
from 1990-94. Doherty received a J.D. magna cum laude from
Harvard Law School and a B.A. magna
cum laude from Harvard College.
About Provention Bio, Inc.
Provention Bio, Inc.
(Nasdaq: PRVB) is a clinical-stage biopharmaceutical company
leveraging a transformational drug development strategy that is
focused on the prevention or interception of immune-mediated
disease. Provention's mission
is to in-license, transform and develop therapeutic candidates
targeting the high morbidity, mortality and escalating costs of
autoimmune and inflammatory diseases including: type 1 diabetes
(T1D), Crohn's disease, celiac disease, and lupus. Provention's
diversified portfolio includes advanced-stage product development
candidates that have undergone clinical testing by other
companies.
Forward Looking Statements
Certain statements in this
press release are forward-looking within the meaning of the Private
Securities Litigation Reform Act of 1995. 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, 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, 2018 and any subsequent filings with
the Securities and Exchange Commission (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.
Investors:
Sam Martin,
Argot Partners
sam@argotpartners.com
212-600-1902
Media:
David Rosen, Argot Partners
david.rosen@argotpartners.com
212-600-1902
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SOURCE Provention Bio, Inc.