Provention Bio Appoints Miguel Sanjuan, Ph.D. as Senior Vice President of Research and Early Development

Rhea-AI Summary

Provention Bio, Inc. (Nasdaq: PRVB) has appointed Miguel Sanjuan, Ph.D., as Senior Vice President of Research and Early Development, enhancing expertise in immunomodulatory therapy and autoimmune diseases. Dr. Sanjuan, who boasts over 20 years of experience, previously held positions at Gossamer Bio and Bristol Myers Squibb. The company granted him an inducement stock option of 175,000 shares with an exercise price of $6.54. This strategic hire aims to bolster Provention's pipeline of therapies designed to intercept autoimmune diseases as the company seeks to expand its impact.

Positive

• Appointment of Dr. Miguel Sanjuan strengthens expertise in immunology and autoimmune disease.
• Dr. Sanjuan's extensive experience projected to enhance therapeutic development and partnerships.
• Inducement stock option aligns Dr. Sanjuan's interests with company performance.

Negative

• Concerns regarding continuity due to management change.
• Potential integration challenges with new leadership.

RED BANK, N.J., Nov. 5, 2021 /PRNewswire/ -- Provention Bio, Inc. (Nasdaq: PRVB), a biopharmaceutical company dedicated to intercepting and preventing immune-mediated disease, today announced the appointment of Miguel Sanjuan, Ph.D. as Senior Vice President of Research and Early Development. Dr. Sanjuan further strengthens the Company's internal expertise in the core areas of immunomodulatory therapy, translational medicine and autoimmune disease.

"As we continue to grow as an organization pioneering early interception and prevention of debilitating and life-threatening autoimmune diseases, it is clear we have reached the stage where our novel approach and exciting pipeline of therapeutic candidates represents a compelling career advancement opportunity for seasoned industry experts of the caliber of Miguel," stated Francisco Leon, M.D., Ph.D., Chief Scientific Officer & Co-Founder, Provention Bio. "As we advance our lead therapeutic candidates in parallel with our ambitions to expand, reinforce, enhance and enrich our immunology-focused pipeline, Miguel's leadership and expertise will play a critical role in the identification, sourcing and development of new assets and partnerships and we are excited to welcome him to our team."

Dr. Sanjuan brings over 20 years of research experience that spans both industry and academia. Dr. Sanjuan most recently served as vice president, head of translational biology at Gossamer Bio and founder of Gossamer's therapeutic biologics group. Prior to joining Gossamer Bio, Dr. Sanjuan was the head of immuno-oncology small molecule discovery biology at Bristol Myers Squibb. Prior to Bristol Myers Squibb, Dr. Sanjuan was an associate director at the Respiratory, Inflammation & Autoimmunity Department at Medimmune, focused on the discovery of novel molecules for the treatment of autoimmune disorders.  

Prior to joining industry, Dr. Sanjuan served as a research scientist at St. Jude Children's Research Hospital. Dr. Sanjuan received a bachelor's degree in biology from the University of Seville and a doctorate in molecular biology from the Autonomous University of Madrid and pursued post doctorate training at Johnson & Johnson in San Diego, California.

Inducement Grant Under NASDAQ Listing Rule 5635(c)(4)

In connection with the hiring of Dr. Sanjuan, the Compensation Committee of the Board of Directors of the Company approved the grant to Dr. Sanjuan of a stock option to purchase 175,000 shares of the Company's common stock. The option was granted without stockholder approval pursuant to Nasdaq Listing Rule 5635(c)(4) as an inducement, material to Dr. Sanjuan entering into employment with the Company. The stock option was granted with a 10-year term and an exercise price equal to $6.54, the closing price per share of the Company's common stock as reported by Nasdaq on November 1, 2021. The option 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 Dr. Sanjuan continues to serve as an employee of, or other service provider to, the Company on each such vesting date. The stock option is subject to the terms of the Provention Bio, Inc. 2020 Inducement Plan.

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 Statement:

Certain statements in this press release are forward-looking, including but not limited to, statements relating to our product pipeline and our growth as a company. 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 execution and results of clinical trial and product development efforts, regulatory decisions relating to our product candidates, 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 in the highly competitive pharmaceutical industry, including for highly qualified personnel; risks related to integrating new personnel into the Company; the Company's need for additional financing and the risks listed under "Risk Factors" in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 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.

Investor Contacts:

Robert Doody, VP of Investor Relations
rdoody@proventionbio.com
484-639-7235

Sam Martin, Argot Partners
proventionbio@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

Who is Miguel Sanjuan and what is his role at Provention Bio?

Miguel Sanjuan, Ph.D., is appointed as Senior Vice President of Research and Early Development at Provention Bio, bringing over 20 years of experience in immunology and drug development.

What experience does Miguel Sanjuan have before joining Provention Bio?

Before Provention Bio, Dr. Sanjuan served as vice president at Gossamer Bio and held significant roles at Bristol Myers Squibb and Medimmune.

What is the significance of the stock option granted to Miguel Sanjuan?

Dr. Sanjuan was granted a stock option for 175,000 shares at $6.54 per share as an inducement for his employment, aligning his success with the company’s performance.

How might Dr. Sanjuan's appointment impact Provention Bio?

His leadership is expected to enhance the development of new therapies and partnerships, potentially accelerating the company’s growth in the autoimmune disease sector.