RED BANK, N.J., June 2, 2021 /PRNewswire/ -- Provention Bio, Inc.
(Nasdaq: PRVB) (the "Company"), a biopharmaceutical company
dedicated to intercepting and preventing immune-mediated diseases,
today announced that the Company granted stock options to
two new employees to purchase an aggregate of 40,000 shares of
common stock. The stock options were granted without stockholder
approval as inducements, material to the new employees entering
into employment with the Company pursuant to Nasdaq Listing Rule
5635(c)(4) and were approved by the Company's compensation
committee of the board of directors.
The stock options were granted with a 10-year term and an
exercise price equal to $7.65,
yesterday's closing price per share of the Company's common stock
as reported by Nasdaq. Each of the options will vest 25% on the one
year anniversary of the grant date and 75% in equal monthly
installments thereafter so that the grant is fully vested on the
four year anniversary of the grant date, provided that the new
employee continues to serve as an employee of, or other service
provider to, the Company on each such vesting date. The stock
options are subject to the terms of the Provention Bio, Inc. 2020
Inducement Plan.
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 disease.
The Biologics License Application (BLA) for teplizumab, its lead
investigational drug candidate, for the delay of clinical type 1
diabetes in at-risk individuals, has been filed by the U.S. Food
and Drug Administration (FDA). 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. Visit www.ProventionBio.com for more
information and follow us on Twitter: @ProventionBio.
Internet Posting of Information:
Provention Bio, Inc. uses its website, www.proventionbio.com,
as a means of disclosing material nonpublic information and for
complying with its disclosure obligations under Regulation F.D.
Such disclosures will be included on the Company's website in the
"News" section. Accordingly, investors should monitor this portion
of the Company's website, in addition to following its press
releases, SEC filings and public conference calls and
webcasts.
Investor Contacts:
Robert
Doody, VP of Investor Relations
rdoody@proventionbio.com
484-639-7235
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SOURCE Provention Bio, Inc.