Provention Bio, which is developing novel therapies for autoimmune and inflammatory diseases, announced terms for its IPO on Wednesday. The deal is being conducted on a best efforts basis, and is therefore excluded from Renaissance Capital's IPO stats.
The Oldwick, NJ-based company plans to raise a maximum of $50 million by offering 12.5 million shares at a price of $4. It has set a minimum deal size of $40 million. With the max share offering, Provention Bio would command a fully diluted market value of $144 million.
The company's current development pipeline consists of a Phase 3 candidate for the interception of type one diabetes (T1D), two Phase 2 clinical-stage immunology candidates for inflammatory bowel diseases (IBD), a Phase 1 candidate for systemic lupus erythematosus (SLE), and an investigational new drug (IND)-enabling-stage vaccine for acute coxsackie B virus (CBV) infection and the potential prevention or delay in onset of T1D.
Provention Bio was founded in 2016 and plans to list on the Nasdaq under the symbol PRVB. MDB Capital Group is the sole bookrunner on the deal. It has not set a pricing date.
