Provention Bio Appoints Heidy Abreu King-Jones as Chief Legal Officer

Rhea-AI Summary

Provention Bio, Inc. (Nasdaq: PRVB) announced the appointment of Heidy Abreu King-Jones as Chief Legal Officer, enhancing its legal leadership as it transitions to a commercial business. With nearly 12 years of experience in biotechnology and pharmaceutical sectors, King-Jones aims to bolster compliance and corporate governance. CEO Ashleigh Palmer highlighted King-Jones's expertise as vital for advancing teplizumab towards market readiness for insulin-dependent type 1 diabetes. Provention continues to focus on developing therapies for autoimmune diseases.

Positive

• Appointment of Heidy Abreu King-Jones is expected to strengthen compliance and corporate governance.
• King-Jones's extensive experience in biotechnology supports Provention's transition to a commercial business.
• Focus on advancing teplizumab for the prevention of insulin-dependent type 1 diabetes.

Negative

• Transitioning to a commercial business poses risks, including potential regulatory hurdles.
• Market readiness for teplizumab is still dependent on FDA approvals and could face significant competition.

OLDWICK, N.J., Aug. 3, 2020 /PRNewswire/ -- Provention Bio, Inc., (Nasdaq: PRVB), a biopharmaceutical company dedicated to intercepting and preventing immune-mediated disease, today announced the appointment of Heidy Abreu King-Jones to the newly created role of Chief Legal Officer. Ms. King-Jones brings nearly 12 years of corporate counsel and law firm experience in the biotechnology and pharmaceutical sectors. 

"As Provention prepares to transition to a commercial business, we are committed to upholding the best practices of compliance, corporate governance, and enterprise risk management across all areas of our organization," stated Ashleigh Palmer, CEO of Provention Bio.  "Heidy's experience in developing compliance programs for rare disease launches and working with companies' patient advocacy and commercial teams will be invaluable as we continue to advance PRV-031 (teplizumab) toward the market.  We welcome Heidy to the team and look forward to her contributions."

"I am impressed with the tremendous progress Provention has achieved since its founding, especially in the last year. I look forward to working with the executive team to support the Company's growth and commercial readiness activities for teplizumab for the delay or prevention of insulin-dependent type 1 diabetes in presymptomatic patients," stated Ms. King-Jones. 

Ms. King-Jones most recently served as Senior Vice President, General Counsel and Corporate Secretary at Axcella Health.  She joined Axcella Health in 2018 as Senior Vice President, General Counsel and Corporate Secretary where she was responsible for Axcella's corporate legal function and strategy. From 2013 to 2018, she held positions of increasing responsibility in the legal department at Sarepta Therapeutics, most recently serving as Senior Director, Corporate Law.  While at Sarepta, she served as a member of the Company's commercial readiness working group and was responsible for the development of the compliance program, contract and other legal work for the launch of its first product, Exondys 51^TM.

Ms. King-Jones began her legal career in the Securities & Public Companies Practice Group at Ropes & Gray LLP, where she represented private and publicly traded companies in the pharmaceutical, utility and technology industries.  Ms. King-Jones holds a J.D. and LL.M in International and Comparative Law from Cornell Law School, and a B.A. from Dartmouth College.

About Provention Bio, Inc.

Provention Bio, Inc. (Nasdaq: PRVB) is a biopharmaceutical company leveraging a transformational drug development strategy focused on the prevention or interception of immune-mediated disease. Provention's mission is to source, transform and develop therapeutic candidates targeting the high morbidity, mortality and escalating costs of autoimmune diseases. Provention's diversified portfolio includes teplizumab, a pre-commercial-stage candidate that has been shown to delay the onset of insulin-dependent type 1 diabetes (T1D) in at-risk patients during the presymptomatic phase of the disease. The Company's portfolio includes additional clinical product development candidates that have demonstrated proof-of-mechanism and/or proof-of-concept in other autoimmune diseases, including celiac disease and lupus.

Forward-Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements relating to the Company's studies. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimate," "expect," and "intend," among others. These forward-looking statements are based on Provention'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 failure to obtain FDA approvals or clearances and noncompliance with FDA regulations; uncertainties of patent protection and litigation;  dependence upon third parties; substantial competition; our need for additional financing and the risks listed under "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2019 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. The information set forth herein speaks only as of the date hereof.

Investor Contact:
Sam Martin, Argot Partners
Sam@argotpartners.com 
212-600-1902

Media Contact:
Lori Rosen, LDR Communications
lori@ldrcommunications.com
917-553-6808

 

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SOURCE Provention Bio, Inc.

FAQ

What role was Heidy Abreu King-Jones appointed to at Provention Bio?

Heidy Abreu King-Jones was appointed as the Chief Legal Officer.

How many years of experience does Heidy Abreu King-Jones have in the biotechnology sector?

Heidy Abreu King-Jones has nearly 12 years of experience in the biotechnology and pharmaceutical sectors.

What is the significance of the appointment of Heidy Abreu King-Jones for Provention Bio?

Her appointment is intended to enhance compliance and corporate governance as Provention transitions to a commercial business.

What is teplizumab, and why is it important for Provention Bio?

Teplizumab is a pre-commercial-stage candidate shown to delay the onset of insulin-dependent type 1 diabetes in at-risk patients.

What are the potential risks mentioned in the press release regarding Provention Bio's future?

The risks include regulatory hurdles and dependency on FDA approvals, along with significant competition in the market.