Provention Bio Announces Update to Board of Directors

Rhea-AI Summary

Provention Bio, Inc. (Nasdaq: PRVB) has announced the resignation of Dr. Jeffrey Bluestone from its board of directors, effective June 3, 2022, to focus on his role at Sonoma Biotherapeutics. Dr. Bluestone will maintain his connection with Provention as a Scientific Advisor. The company expresses gratitude for his contributions, particularly in the advancement of teplizumab, which is pending FDA review for treating at-risk individuals for type 1 diabetes. Provention Bio aims to intercept immune-mediated diseases with its investigational therapies.

Positive

• Dr. Bluestone's ongoing role as Scientific Advisor may provide continuity in leadership.
• The pending FDA decision on teplizumab could positively impact the company’s future.

Negative

• Dr. Bluestone's departure from the board may create a potential gap in experience and continuity.
• The impending FDA review introduces uncertainty regarding the approval of teplizumab.

RED BANK, N.J., June 3, 2022 /PRNewswire/ -- Provention Bio, Inc. (Nasdaq: PRVB), a biopharmaceutical company dedicated to intercepting and preventing immune-mediated disease, today announced Dr. Jeffrey Bluestone's decision to step down as a director on the Company's board of directors to focus on his other commitments, including his role as President and Chief Executive Officer of Sonoma Biotherapeutics. Dr. Bluestone will continue as Scientific Advisor to the Company.

"It has been an absolute honor to work alongside Dr. Bluestone, who has drawn from his wealth of expertise and experience as a luminary in immune tolerance research to support Provention's mission during his tenure as a fellow director," said Wayne Pisano, Chairman of Provention's board of directors.

"Having given birth to teplizumab more than three decades ago, it has been an exhilarating and personally fulfilling experience supporting this therapeutic candidate's advanced stages of development over the past three years as a director of Provention Bio. I have been fortunate to be involved in the development of teplizumab, from the earliest discovery research to its current status as a Biological License application under review by the United States Food and Drug Administration. After spending over 40 years in this endeavor, I await United States Food and Drug Administration's decision on the teplizumab Biological License application resubmission hoping for a time when individuals at risk of clinical type 1 diabetes, will have new therapies to treat this devastating disease," said Dr. Bluestone.

"On behalf of Provention's board of directors, employees and shareholders, I would like to express our deepest gratitude to Jeff for his key contributions to Provention as a director and look forward to his continued contributions as a Scientific Advisor to the Company. We wish him all the best in his ongoing exceptional career and future research and development endeavors," stated Ashleigh Palmer, Chief Executive Officer, director and co-founder, Provention Bio.

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.

FAQ

What caused Dr. Jeffrey Bluestone to resign from Provention Bio's board?

Dr. Bluestone stepped down to focus on his commitments at Sonoma Biotherapeutics.

What will Dr. Bluestone's role be after resigning from the board?

He will continue his involvement with Provention Bio as a Scientific Advisor.

How might Dr. Bluestone's resignation affect Provention Bio?

His departure could lead to concerns about continuity and experience on the board.

What is the status of teplizumab's FDA review?

Teplizumab is currently under review by the FDA for delaying the progression to clinical type 1 diabetes.