RED BANK, N.J., Nov. 5, 2021 /PRNewswire/ -- Provention Bio,
Inc. (Nasdaq: PRVB), a biopharmaceutical company dedicated to
intercepting and preventing immune-mediated disease, today
announced the appointment of Miguel
Sanjuan, Ph.D. as Senior Vice President of Research and
Early Development. Dr. Sanjuan further strengthens the Company's
internal expertise in the core areas of immunomodulatory therapy,
translational medicine and autoimmune disease.
"As we continue to grow as an organization pioneering early
interception and prevention of debilitating and life-threatening
autoimmune diseases, it is clear we have reached the stage where
our novel approach and exciting pipeline of therapeutic candidates
represents a compelling career advancement opportunity for seasoned
industry experts of the caliber of Miguel," stated Francisco Leon, M.D., Ph.D., Chief Scientific
Officer & Co-Founder, Provention Bio. "As we advance our
lead therapeutic candidates in parallel with our ambitions to
expand, reinforce, enhance and enrich our immunology-focused
pipeline, Miguel's leadership and expertise will play a critical
role in the identification, sourcing and development of new assets
and partnerships and we are excited to welcome him to our
team."
Dr. Sanjuan brings over 20 years of research experience that
spans both industry and academia. Dr. Sanjuan most recently served
as vice president, head of translational biology at Gossamer Bio
and founder of Gossamer's therapeutic biologics group. Prior to
joining Gossamer Bio, Dr. Sanjuan was the head of immuno-oncology
small molecule discovery biology at Bristol Myers Squibb. Prior to
Bristol Myers Squibb, Dr. Sanjuan was an associate director at the
Respiratory, Inflammation & Autoimmunity Department at
Medimmune, focused on the discovery of novel molecules for the
treatment of autoimmune disorders.
Prior to joining industry, Dr. Sanjuan served as a research
scientist at St. Jude Children's Research Hospital. Dr. Sanjuan
received a bachelor's degree in biology from the University of
Seville and a doctorate in
molecular biology from the Autonomous University of Madrid and pursued post doctorate training at
Johnson & Johnson in San Diego,
California.
Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
In connection with the hiring of Dr. Sanjuan, the Compensation
Committee of the Board of Directors of the Company approved the
grant to Dr. Sanjuan of a stock option to purchase 175,000 shares
of the Company's common stock. The option was granted without
stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) as
an inducement, material to Dr. Sanjuan entering into employment
with the Company. The stock option was granted with a 10-year term
and an exercise price equal to $6.54, the closing price per share
of the Company's common stock as reported by Nasdaq on November 1,
2021. The option 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 Dr. Sanjuan continues to serve as an employee
of, or other service provider to, the Company on each such vesting
date. The stock option is 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 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 execution and
results of clinical trial and product development efforts,
regulatory decisions relating to our product candidates, 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.