RED
BANK, N.J., June 3, 2022
/PRNewswire/ -- Provention Bio, Inc. (Nasdaq: PRVB) (the
"Company"), a biopharmaceutical company dedicated to intercepting
and preventing immune-mediated diseases, today announced that the
Company granted stock options to eight new employees to
purchase an aggregate of 166,000 shares of common stock. The stock
options were granted without stockholder approval as inducements,
material to the new employees entering into employment with the
Company, pursuant to Nasdaq Listing Rule 5635(c)(4) and were
approved by the Company's compensation committee of the board of
directors.
The stock options were granted with a 10-year term and an
exercise price equal to $4.00, the
closing price per share of the Company's common stock as reported
by Nasdaq on June 1, 2022. Each of
the options 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 the new employee continues to serve as an
employee of, or other service provider to, the Company on each such
vesting date. The stock options are subject to the terms of the
Provention Bio, Inc. 2020 Inducement Plan, as amended.
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 diseases. The Biologics License
Application (BLA) for teplizumab, its lead investigational drug
candidate, for the delay of progression to Stage 3 clinical type 1
diabetes in at-risk individuals has been filed by the U.S. Food and
Drug Administration (FDA). The Company's pipeline includes
additional clinical-stage product candidates that have demonstrated
in pre-clinical or clinical studies proof-of-mechanism and/or
proof-of-concept in other autoimmune diseases, including 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, Investor Relations
rdoody@proventionbio.com
484-639-7235
Media Contact:
Kaelan
Hollon, VP, Corporate Communications
khollon@proventionbio.com
202-421-4921
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SOURCE Provention Bio, Inc.