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Provention Bio rises after saying Phase 3 study for diabetes drug candidate to begin in 2Q

The biopharmaceutical company says it has entered into an agreement with a clinical research organization to conduct a study of PRV-031
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The company and Amgen announced a co-development agreement for celiac

Provention Bio Inc (NASDAQ:PRVB) climbed Wednesday a day after announcing that it expects to begin in the second quarter its Phase 3 study of a treatment for recent onset Type One diabetes.

The biopharmaceutical company said it has entered into an agreement with Parexel, a clinical research organization, to conduct the study of PRV-031.

Shares of Provention advanced 0.4% to $2.39 in Wednesday's Nasdaq trading.

READ: Arecor steps into pharma limelight with diabetes treatment

The Oldwick, New Jersey, company said recent milestones include the announcement with Amgen Inc (NASDAQ:AMGN) of a licensing and co-development agreement for PRV-015, a monoclonal antibody being developed for the treatment of gluten-free diet non-responsive celiac disease.

"Over the course of 2019, we expect a steady cadence of data readouts from ongoing studies designed to illustrate the potential of our approach,” CEO Ashleigh Palmer said in a statement.

For the fourth quarter, the company reported a net loss of $5.7 million, or $0.15 per basic and diluted share, compared with a net loss of $3.8 million, or $0.38 per share, a year earlier.

As of December 31, the company had cash and cash equivalents of $58.5 million.

–Updates share prices–

Contact Dennis Fitzgerald at [email protected]

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