Lowenstein Sandler represented Provention Bio, Inc. in an initial public offering (IPO) of shares of common stock valued at approximately $63.9 million. A clinical-stage biopharmaceutical company, Provention Bio announced the closing of the IPO at a price of $4.00 per share. Shares of its common stock are expected to begin trading on the Nasdaq Capital Market under the ticker symbol "PRVB" on Tuesday, July 24, 2018.
The proceeds from this IPO will enable Provention Bio to enhance the company’s ability to focus its transformational drug development strategy on the prevention or interception of immune-mediated disease. In addition, the funds will further the organization’s mission to in-license, transform, and develop clinical-stage, or nearly clinical-stage, therapeutic candidates targeting the high morbidity, mortality, and escalating costs of autoimmune and inflammatory diseases including type 1 diabetes (T1D), Crohn's disease, ulcerative colitis, lupus, and certain life-threatening viral diseases.
Lowenstein Sandler served as legal counsel to Provention Bio, and MDB Capital Group, LLC acted as book-running manager for the offering. Dougherty & Company LLC acted as qualified independent underwriter.