RED BANK, N.J.,
Dec. 20, 2021
/PRNewswire/ -- December 20, 2021—
Provention Bio, Inc. (NASDAQ: PRVB) (the "Company"), a
biopharmaceutical company dedicated to intercepting and preventing
immune-mediated diseases, today announced that the Company has
appointed Christina Yi as Chief
Operations Officer, responsible for manufacturing, supply chain and
human resources, and Benedict Osorio
as Chief Quality Officer, responsible for all aspects of quality.
These new leadership appointments reinforce Proventions' commitment
to quality manufacturing and supply chain excellence and investment
in human capital, talent acquisition and cultural alignment with
the Company's strategic intent as it continues to advance its
clinical development pipeline and moves towards the potential
United States marketing approval
and commercialization of teplizumab.
"We are very excited for Christina and Ben to be joining our
leadership team at this time as we ready ourselves for what we
believe will be an exciting and highly meaningful year in the
growth and evolution of Provention Bio," stated Ashleigh Palmer, Co-Founder and Chief Executive
Officer, Provention Bio. "Both Christina and Ben have tremendous
track records of leadership and success throughout their
distinguished careers, and we look forward to their immediate
contributions and impact as we progress in our efforts to
commercialize teplizumab, focus on the subsequent potential
teplizumab label expansion and life-cycle development, and continue
to advance and reinforce our therapeutic pipeline targeting the
interception and prevention of life-threatening autoimmune
diseases."
Christina Yi joins Provention Bio
as an accomplished biopharmaceutical leader with over 20 years of
success across multi-functional operations including manufacturing,
distribution, technical operations, program management, human
resources, and information technology. Ms. Yi most recently served
as Chief Operating Officer at Vaxxinity developing vaccines for
neurological disorders and prevalent chronic disorders. Prior to
joining Vaxxinity, Ms. Yi served as Chief Operations Officer for
Dendreon Pharmaceuticals and served in roles of increasing
responsibility at Amgen, Inc.
Ms. Yi received a bachelor's degree in cell and molecular
biology from the University of
Washington.
Benedict Osorio joined Provention
Bio in 2020 and has served as the Company's Senior Vice President
of Quality since that time. Prior to joining the Company, Mr.
Osorio was Chief Operating Officer at Progenics Pharmaceuticals. He
previously held roles of increasing scopes of responsibility across
a number of biopharmaceutical organizations including Acorda
Therapeutics, Achillion Pharmaceuticals, Valeant Pharmaceuticals,
Breaburn Pharmaceuticals, Forest Laboratories and Purdue
Pharma.
Mr. Osorio received his bachelor's degree in forensic science
from John Jay College, and a master's
degree in analytical chemistry and master's degree in business
administration from Seton Hall
University.
Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)
In connection with the hiring of Ms. Yi, the Compensation
Committee of the Board of Directors of the Company approved the
grant to Ms. Yi of a stock option to purchase 300,000 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 Ms. Yi entering into employment with the
Company. The stock option was granted with a 10-year term and an
exercise price equal to $5.88, the closing price per share of the
Company's common stock as reported by Nasdaq on December 16, 2021.
50% of the options will vest based on the achievement of certain
performance based milestones related to teplizumab and other goals
related to the functions she is leading, and the remaining 50% of
the options will vest in equal annual installments of 12.5%
beginning on the first anniversary of the grant date, so that 50%
of the award will be fully vested on the four year anniversary of
the grant date, provided that Ms. Yi 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.
Investor Contact:
Robert Doody, VP of Investor
Relations
rdoody@proventionbio.com
484-639-7235
Media Contact:
Lori Rosen, LDR Communications
lori@ldrcommunications.com
917-553-6808
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SOURCE Provention Bio, Inc.