logo-loader
viewProvention Bio Inc

Provention Bio rises after saying Phase 3 study for diabetes drug candidate to begin in 2Q

The biopharmaceutical company says it has entered into an agreement with a clinical research organization to conduct a study of PRV-031

Drug containers
The company and Amgen announced a co-development agreement for celiac

Provention Bio Inc (NASDAQ:PRVB) climbed Wednesday a day after announcing that it expects to begin in the second quarter its Phase 3 study of a treatment for recent onset Type One diabetes.

The biopharmaceutical company said it has entered into an agreement with Parexel, a clinical research organization, to conduct the study of PRV-031.

Shares of Provention advanced 0.4% to $2.39 in Wednesday's Nasdaq trading.

READ: Arecor steps into pharma limelight with diabetes treatment

The Oldwick, New Jersey, company said recent milestones include the announcement with Amgen Inc (NASDAQ:AMGN) of a licensing and co-development agreement for PRV-015, a monoclonal antibody being developed for the treatment of gluten-free diet non-responsive celiac disease.

"Over the course of 2019, we expect a steady cadence of data readouts from ongoing studies designed to illustrate the potential of our approach,” CEO Ashleigh Palmer said in a statement.

For the fourth quarter, the company reported a net loss of $5.7 million, or $0.15 per basic and diluted share, compared with a net loss of $3.8 million, or $0.38 per share, a year earlier.

As of December 31, the company had cash and cash equivalents of $58.5 million.

–Updates share prices–

Contact Dennis Fitzgerald at [email protected]

Quick facts: Provention Bio Inc

Price: 5.84 USD

NASDAQ:PRVB
Market: NASDAQ
Market Cap: $277.91 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

MJ Micro conference brings together public and private cannabis companies

MJ Link, a Subsidiary of Social Like Network (OTCQB: WDLF) CEO Kenn Tapp and President of MJ Micro Todd Markey sat down with Steve Darling from Proactive Vancouver at the MJ Micro Conference held in Los Angeles. Markey talked about the success of the conference and just how they picked the...

6 minutes ago

2 min read