RED BANK, N.J., Jan. 13, 2021 /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 6,250,000 shares of its common stock at a public
offering price of $16.00 per share.
Gross proceeds to Provention Bio from the offering are expected to
be $100 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
937,500 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 January 19,
2021, 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 (i) pre-commercial activities, potential commercial
activities, potential milestone or royalty payments, clinical
development, and regulatory and manufacturing activities for
PRV-031; (ii) development activities for PRV-015, PRV-101, and
PRV-3279; (iii) the potential acquisition or in-licensing of other
product candidates; and (iv) for other general corporate
purposes.
An automatic shelf registration statement on Form S-3 relating
to the public offering of the shares of common stock described
above was filed with the Securities and Exchange Commission (the
"SEC") on January 12, 2021 and
automatically became effective under SEC rules. 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, when available, by contacting
SVB Leerink LLC, Attention: Syndicate Department, One Federal
Street, 37th Floor, Boston, MA
02110, by telephone at (800) 808-7525 ext. 6132, 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 e-mail 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 focused on advancing the development of investigational
therapies that may intercept and prevent debilitating and
life-threatening immune-mediated diseases. The Company has
submitted a Biologics License Application (BLA) to the FDA for its
lead investigational drug candidate, PRV-031, for the delay or
prevention of clinical type 1 diabetes in at-risk individuals. The
Company's pipeline includes additional clinical-stage product
candidates that have demonstrated in pre-clinical or clinical
studies 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,
including but not limited to, statements relating to Provention
Bio's expectations regarding the completion, timing and size of the
proposed public offering and the intended use of net proceeds
therefrom. 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 involve risks and uncertainties, many of
which are beyond Provention Bio's control, including risks and
uncertainties related to the satisfaction of customary closing
conditions related to the proposed public offering. Provention Bio
may be unable to complete the public offering on the anticipated
terms or at all. Applicable risks also include those that are
included in the "Risk Factors" section of Provention Bio's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and any subsequent SEC
filings, including the prospectus supplement related to the
proposed offering to be filed with the SEC. Any forward-looking
statement in this press release represents Provention Bio's views
only as of the date of this press release and should not be relied
upon as representing its views as of any subsequent date.
Provention Bio does not undertake any obligation to publicly update
its forward-looking statements based on events or circumstances
after the date hereof, except as required by applicable law.
Investor Contacts:
Robert
Doody, VP of Investor Relations
rdoody@proventionbio.com
484-639-7235
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.