RED BANK, N.J., Feb. 24, 2022 /PRNewswire/ -- Provention
Bio, Inc. (Nasdaq: PRVB), a biopharmaceutical company dedicated to
intercepting and preventing immune-mediated disease, today reported
financial results for the fourth quarter and full year ended
December 31, 2021, and provided a
business update.
"Our priorities in the second half of 2021 focused predominantly
on addressing the FDA's pharmacokinetic (PK) comparability
considerations, culminating in our recent resubmission of the
teplizumab BLA for the delay of clinical type 1 diabetes in at-risk
individuals. Throughout the year we generated strong momentum in
progressing our entire portfolio of clinical-stage candidates
targeting the interception and prevention of serious, debilitating,
and life-threatening autoimmune diseases," stated Ashleigh Palmer, Chief Executive Officer &
Co-Founder, Provention Bio.
Palmer continued, "2021 highlights included the FDA
advisory committee vote in favor of teplizumab's approval in
at-risk type 1 diabetes; the completion of enrollment in our
ongoing Phase 3 PROTECT trial of teplizumab in newly diagnosed T1D
patients; the initiation of our PREVAIL-2 trial of PRV-3279 in
systemic lupus erythematosus; the topline interim results from our
Phase 1 trial of PRV-101, our vaccine candidate against
coxsackievirus B; and the ongoing enrollment of our trial in celiac
disease with PRV-015. We also continued to attract a number of
highly-qualified leaders to our team, as we position ourselves for
success with teplizumab's near-term commercial opportunity; the
longer-term progression of our development pipeline; and the
realization of our conceptual platform aimed at bringing about a
paradigm shift in the management of autoimmune disease."
Fourth Quarter 2021 and Recent Corporate Highlights:
Company Resubmits Biologics License Application (BLA) for
Teplizumab for the Delay of Clinical Type 1 Diabetes in At-Risk
Individuals
Earlier this week, the Company announced that it had resubmitted
the BLA for teplizumab for the delay of clinical type 1 diabetes
(T1D) in at-risk individuals to the U.S. Food and Drug
Administration following the Complete Response Letter (CRL) that
was issued in July of 2021. Under applicable FDA guidelines, the
FDA has 30 days to review the resubmission, determine whether it is
complete and acceptable for review, and provide a review goal date.
FDA guidance is to complete its review within 6 months of the BLA
resubmission date.
In January, the Company announced the completion of a Type B
pre-BLA resubmission meeting during which the FDA proposed, and the
Company agreed, to use PK modeling to adjust the 14-day dosing
regimen for the planned commercial product to match the exposure of
clinical material used in prior clinical trials by ensuring that
the 90% confidence intervals for relevant PK parameters fall
within the target 80-125% range. On this basis, the FDA
agreed that Provention could proceed to resubmit the BLA.
In September 2021, the Company
also announced the completion of a separate Type A meeting with the
FDA during which several considerations related to product quality
that were cited in the CRL were discussed. The Company believes
that the information provided in the BLA resubmission, although
subject to FDA review, addresses these product quality
considerations. As it relates to the deficiencies noted
during the recent general inspection at a fill/finish facility used
by the Company mentioned in the CRL, this facility's inspection was
closed out by the FDA in August of 2021.
PROTECT Phase 3 Trial Evaluating Teplizumab in Patients with
Recent Onset of Type 1 Diabetes
The Company is currently evaluating teplizumab in patients with
newly diagnosed insulin-dependent T1D in the Phase 3 PROTECT study.
The Company reached the target enrollment of 300 patients during
the third quarter of 2021. Given the challenges the COVID pandemic
has presented to clinical trials across the industry, the Company
ultimately exceeded the enrollment target by approximately ten
percent to ensure there were a sufficient number of evaluable
patients. The Company currently expects to report top-line data
from the Phase 3 PROTECT study in the second half of 2023, subject
to change for any potential COVID-19 related, regulatory-related or
other interruptions, including those related to PK comparability of
the proposed commercial product.
PREVAIL Phase 2a Trial Evaluating PRV-3279 in Systemic Lupus
Erythematosus
In January, the Company initiated a Phase 2a trial of PRV-3279
in Systemic Lupus Erythematosus, an investigational
DART® (bispecific antibody-based molecule) targeting the
B-cell surface proteins CD32B and CD79B.
The PREVAIL-2 study is a Phase 2a proof-of-concept (POC) study
in moderate-to-severe SLE patients induced into response with a
short course of corticosteroids, and then monitored for relapse,
after randomization to either PRV-3279 or placebo treatment. This
design enables the withdrawal of most concomitant medications and
clear POC evaluation. The study will be conducted in the US and
Hong Kong. Screening has commenced
in the US with the goal of identifying and enrolling approximately
100 patients to 6 monthly infusions of PRV-3279 or placebo, with
primary efficacy readout at 24 weeks. PRV-3279 was well-tolerated
in a prior single ascending dose Phase 1 study and a multiple
ascending dose Phase 1b study,
PREVAIL-1, establishing proof of mechanism with long-lasting
inhibition of B cell function as shown by reduction in IgM
production 8 weeks post last dose of PRV-3279. These results,
together with observations that CD32B genetic variants are
associated with SLE, and that PRV-3279 inhibits B cells isolated
from SLE patients, support evaluation in SLE. The Company
anticipates reporting top line results from the PREVAIL-2 study in
the first half of 2024.
PROACTIVE Phase 2b Study of
Ordesekimab (AMG 714/PRV-015) in Non-Responsive Celiac
Disease
The Company is conducting a Phase 2b dose-finding, placebo-controlled study of
ordesekimab (AMG 714/PRV-015), an investigational
anti-interleukin-15 monoclonal antibody in adults with
non-responsive celiac disease. The study expects to enroll 220
adult celiac patients not responding to gluten-free diet.
Due to the impacts of COVID-19 on certain aspects of medical
care during the pandemic, such as temporary halting of elective
endoscopy procedures, lack of prioritization of chronic
non-life-threatening conditions, reduced exposure to gluten due to
reductions of travel and dining out, the Company is experiencing
enrollment delays that have extended the enrollment target. The
Company announced that it expects top-line results from this study
by the end of 2023.
PROVENT Phase 1 Healthy Volunteer Study of PRV-101
Coxsackievirus B Vaccine (CVB)
In October of 2021, the Company announced positive interim
top-line results from the PROVENT (PROtocol for coxsackievirus
VaccinE in healthy voluNTeers) study, a first-in-human study of its
polyvalent inactivated CVB vaccine candidate, PRV-101. The Company
is developing PRV-101 for the prevention of acute CVB infection and
the potential delay or prevention of T1D and celiac disease.
In the interim analysis, PRV-101 met the safety primary endpoint
demonstrating that it was well tolerated in this study, with no
treatment-emergent Serious Adverse Events, Adverse Events of
Special Interest, or Adverse Events that led to study drug
discontinuation or study withdrawal. PRV-101 also met the secondary
efficacy endpoint as it induced high titers of viral neutralizing
antibodies against all CVB serotypes included in the vaccine, in a
dose dependent fashion. The Company has presented the results at
the 14th Annual Network for Pancreatic Organ Donors with
Diabetes (nPOD) Annual Meeting in January of 2022. An additional
6-month safety and efficacy follow up has been conducted and final
results from the trial are expected in the first half of 2022.
Corporate Highlights:
In the fourth quarter of 2021, the Company announced several key
leadership additions:
- Thierry Chauche joined the Company in December as Chief
Financial Officer, following the retirement of Andrew Drechsler
- Christina Yi joined the Company
in December as Chief Operations Officer
- Benedict Osorio was promoted in
December to the role of Chief Quality Officer
- Jan Hillson, M.D. joined the
Company in November as Senior Vice President of Clinical
Development
- Miguel Sanjuan, Ph.D. joined the
company in November as Senior Vice President of Research and Early
Development
Financial Highlights:
As of December 31, 2021, Provention had cash, cash
equivalents and marketable securities of $127.1 million.
Net loss for the fourth quarter of 2021 was $25.8 million,
or $0.41 per basic and diluted share, compared to a net
loss of $32.6 million, or $0.58 per basic and
diluted share, for the fourth quarter of 2020. The decrease in net
loss during the fourth quarter of 2021 related to lower non-cash,
stock-based compensation expense primarily attributable to stock
options with performance-based metrics, related to the initial
teplizumab BLA submission and the completion of certain teplizumab
CMC activities, that vested in the prior year period. Also
contributing to the decrease in net loss during the 2021 period
were lower manufacturing costs for teplizumab and our PRV-101 CVB
vaccine program and lower teplizumab regulatory costs related to
the initial BLA submission. This was partly offset by increased
costs for our pre-commercial activities and our recently initiated
PREVAIL (PRV-3279) Phase 2a study.
Cash-based operating expense for the fourth quarter 2021 was
$23.9 million, which excludes
non-cash, stock-based compensation expense of $2.6 million and depreciation expense of
$0.1 million.
Net loss for the full year of 2021 was $114.4 million,
or $1.81 per basic and diluted share, compared to a net
loss of $98.6 million, or $1.88 per basic and diluted
share, for the full year of 2020. The increase in net loss was
driven by additional research and development costs for the PROTECT
study (teplizumab), the PROACTIVE study (PRV-015) and the PREVAIL
study (PRV-3279), as well as increased expenses for pre-commercial,
medical affairs and general and administration as we began to build
out our infrastructure for our potential commercialization. This
increase in expenses was partly offset by lower manufacturing costs
for teplizumab and our PRV-101 CVB vaccine program and lower
regulatory costs related to the initial teplizumab BLA submission
incurred in the prior year. Cash-based operating expense for
the year ended December 31, 2021 was
$104.7 million, which excludes
non-cash, stock-based compensation expense of $11.8 million and depreciation expense of
$0.4 million.
During the fourth quarter and year ended December 31, 2021, Provention Bio recognized
collaboration revenue of $0.7 million
and $1.4 million, respectively, under
its License Agreement with Hangzhou Zhongmei Huadong Pharmaceutical
Co., Ltd. (Huadong), which represents certain amounts recognized in
connection with the upfront license payment and research,
development and manufacturing funding the Company has received from
Huadong.
The Company expects its cash-based operating expenses to be in
the range of $25 to $29 million for the first quarter of 2022. Based
on the Company's current business plans, management believes that
its cash, cash equivalents and marketable securities on hand at
December 31, 2021, are sufficient to
meet the Company's operating requirements for at least the next 12
months from the issuance of these financial statements. However, if
the teplizumab BLA is approved, the company will need additional
capital to fund increases in costs related to commercialization and
the payment of potential milestones triggered under its current
agreements, including with MacroGenics.
Conference Call and Webcast Information:
Provention Bio will discuss these business updates and fourth
quarter and full year financial results via conference call today
at 8:00 am ET. To access the call, please dial
1-888-347-7861 (domestic) or 1-412-902-4247 (international) ten
minutes prior to the start time and ask to be connected to the
"Provention Bio Call." An audio webcast will also be available on
the "Events and Webcasts" page of the Investors section of the
Company's website, www.proventionbio.com. An archived webcast
will be available on the Company's website approximately two hours
after the conference call.
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 Statements:
Certain statements in this press release are forward-looking,
including but not limited to, statements relating to our product
pipeline and delivery of key catalysts throughout the course of the
next 24 months; the Company's planned regulatory interactions; the
medical need in T1D at-risk patients, the potential therapeutic
effects and safety of teplizumab in at-risk T1D patients, and the
Company's potential ability to successfully address the FDA's PK
comparability, product quality and other considerations in the BLA
resubmission; the FDA's review and potential approval of teplizumab
and potential regulatory and commercialization timeline; the
potential impact of FDA decisions on PK comparability and the BLA
resubmission on the PROTECT study; anticipated timing for the Phase
2a trial of PRV-3279; anticipated enrollment in the PROACTIVE
study; anticipated timing for the final results of the PROVENT
study; anticipated timing of top-line results for our product
candidates; our current expectations regarding the ability of our
cash, cash equivalents and marketable securities to fund our
current operating requirements for at least the next 12 months; and
expected cash-based operating expenses for the first quarter of
2022. 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 in the development plans for the
Company's other Company product candidates and the potential for
noncompliance with FDA regulations and requirements; any inability
to successfully work with the FDA to find a satisfactory solution
to address its concerns in a timely manner or at all, including
during the FDA's review of the teplizumab BLA resubmission; any
inability of the BLA resubmission or our response to FDA requests
to satisfactorily address other matters cited in the CRL including
relating to PK comparability, product quality, the safety update
required by the 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; the
Company's need for additional financing and the risks listed under
"Risk Factors" in the Company's quarterly report on Form 10-K for
the full year ended December 31, 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.
Corporate Contact:
Robert Doody, VP of Investor
Relations
rdoody@proventionbio.com
484-639-7235
Financial Tables to Follow
Provention Bio,
Inc.
|
Selected Financial
Data
|
(in thousands,
except per share data)
|
|
|
|
Three Months Ended
December 31,
|
|
Years Ended
December 31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
(unaudited)
|
|
|
Statement of
Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Collaboration
revenue
|
|
$
|
717
|
|
$
|
—
|
|
$
|
1,395
|
|
$
|
—
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
15,248
|
|
|
20,581
|
|
|
69,627
|
|
|
66,360
|
General and
administrative
|
|
|
11,329
|
|
|
12,039
|
|
|
47,346
|
|
|
33,327
|
Total operating
expenses
|
|
|
26,577
|
|
|
32,620
|
|
|
116,973
|
|
|
99,687
|
Loss from
operations
|
|
|
(25,860)
|
|
|
(32,620)
|
|
|
(115,578)
|
|
|
(99,687)
|
Interest income,
net
|
|
|
32
|
|
|
44
|
|
|
146
|
|
|
583
|
Loss before income
tax benefit
|
|
|
(25,828)
|
|
|
(32,576)
|
|
|
(115,432)
|
|
|
(99,104)
|
Income tax
benefit
|
|
|
—
|
|
|
—
|
|
|
1,000
|
|
|
523
|
Net loss
|
|
$
|
(25,828)
|
|
$
|
(32,576)
|
|
$
|
(114,432)
|
|
$
|
(98,581)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per common
share, basic and diluted
|
|
$
|
(0.41)
|
|
$
|
(0.58)
|
|
$
|
(1.81)
|
|
$
|
(1.88)
|
Weighted average
common shares outstanding, basic and diluted
|
|
|
63,375
|
|
|
56,502
|
|
|
63,101
|
|
|
52,457
|
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents and marketable securities
|
|
|
|
|
|
|
|
$
|
127,132
|
|
$
|
121,824
|
Total
assets
|
|
|
|
|
|
|
|
$
|
135,621
|
|
$
|
128,519
|
Total
liabilities
|
|
|
|
|
|
|
|
$
|
24,887
|
|
$
|
17,445
|
Accumulated
deficit
|
|
|
|
|
|
|
|
$
|
(292,074)
|
|
$
|
(177,642)
|
Total stockholders'
equity
|
|
|
|
|
|
|
|
$
|
110,734
|
|
$
|
111,074
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/provention-bio-reports-fourth-quarter-and-full-year-2021-financial-results-and-provides-business-update-301489336.html
SOURCE Provention Bio, Inc.