RED BANK, N.J., Nov. 4, 2021 /PRNewswire/ -- Provention Bio,
Inc. (Nasdaq: PRVB), a biopharmaceutical company dedicated to
intercepting and preventing immune-mediated disease, today
announced that Thierry Chauche will become Chief Financial Officer
effective December 1, 2021 and
Andrew Drechsler will be retiring,
following a career of nearly 30 years in the financial and life
sciences industry, most notably, the past four years at Provention
Bio. Mr. Drechsler will continue to serve as a special advisor to
the CEO and consultant through the middle of 2022.
"On behalf of the Board and our entire team, I would like to
thank Andy for his foundational and ongoing contributions
throughout these past four years as we've built Provention Bio from
an idea into a company we believe is poised to change the
therapeutic approach to serious autoimmune diseases from disease
treatment to disease interception and prevention. Andy's strategic
vision, collaborative spirit and deeply personal connection to
autoimmune disease has played such a crucial role in bringing us to
this point in our corporate evolution," stated Ashleigh Palmer, Chief Executive Officer &
Co-Founder, Provention Bio. "I would also like to welcome Thierry
to the Provention Bio team. His extensive commercial and strategic
finance experience as well as his leadership skills are the perfect
fit as we continue advancing to the next stage of our company's
growth."
"It has been a privilege to spend the last four years working to
help build a company with a mission so directly focused on needs
that have a direct impact on my family," stated Andrew Drechsler, Chief Financial Officer,
Provention Bio. "As I begin the next chapter focused on my family's
careers and education as well as patient advocacy, I am confident
in the future of Provention Bio and the potential impact it may
have on the lives of so many affected by type 1 diabetes, celiac,
and other autoimmune disorders. I look forward to working
together with Thierry to assist him and the Provention team with
the transition."
Thierry Chauche brings to Provention Bio a broad set of relevant
financial experience and a strong track record of success over two
decades. He joins from Alexion Pharmaceuticals where he was the
Head of Strategic Financial Planning and Analysis. Prior to
Alexion, Thierry served in roles of increasing responsibility at
Intercept Pharmaceuticals, Novartis and Rothschild & Cie.
Mr. Chauche holds an M.S. in engineering from Ecole Des Ponts
ParisTech and an M.B.A. from the Wharton School of the University of Pennsylvania.
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 Company's pipeline includes clinical-stage product candidates
that have demonstrated in pre-clinical or clinical studies
proof-of-mechanism and/or proof-of-concept in autoimmune diseases,
including type 1 diabetes, 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.
Forward Looking Statement:
Certain statements in this
press release are forward-looking, including but not limited to,
statements relating to our product pipeline and our growth as a
company. These statements may be identified by the use of
forward-looking words such as "will," "may," "believe," and
"expect," among others. These forward-looking statements are based
on the Company'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 delays in or failure to obtain FDA
approvals for teplizumab or other Company product candidates and
the potential for noncompliance with FDA regulations; any inability
to successfully work with FDA to find a satisfactory solution to
address its concerns in a timely manner or at all, including any
inability to provide the FDA with PK/PD data from our ongoing Phase
3 PROTECT study or other data or information sufficient to support
approval of teplizumab; any inability to satisfactorily address
other matters cited in the CRL including relating to product
quality, fill/finish manufacturer deficiencies identified in a
general inspection, the safety update required by FDA or any other
FDA requirements for an approval of teplizumab; the potential
impacts of COVID-19 on our business and financial results; changes
in law, regulations, or interpretations and enforcement of
regulatory guidance; uncertainties of patent protection and
litigation; the Company's dependence upon third parties;
substantial competition in the highly competitive pharmaceutical
industry, including for highly qualified personnel; risks related
to integrating new personnel into the Company; the Company's need
for additional financing and the risks listed under "Risk Factors"
in the Company's quarterly report on Form 10-Q for the quarter
ended September 30, 2021 and any subsequent filings with the
Securities and Exchange Commission. 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, whether as a result of new information,
future developments or otherwise, except as may be required by
applicable law. The information set forth herein speaks only as of
the date hereof.
Investor Contacts:
Robert
Doody, VP of Investor Relations
rdoody@proventionbio.com
484-639-7235
Sam Martin, Argot Partners
proventionbio@argotpartners.com
212-600-1902
Media Contact:
Lori Rosen, LDR Communications
lori@ldrcommunications.com
917-553-6808
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SOURCE Provention Bio, Inc.