Provention Bio, Inc., a Lebanon, N.J.-based clinical-stage biopharmaceutical company dedicated to sourcing, developing and commercializing novel therapeutics aimed at intercepting and preventing immune-mediated disease, raised $28.4m in Series A funding.
The financing is part of a two-step funding process that will likely include an initial public offering (IPO) in 2018. MDB Capital Group LLC, a cofounder of Provention, acted as placement agent for the offering, in which Johnson & Johnson Innovation – JJDC, Inc. (JJDC) and the JDRF T1D Fund, LLC. co-invested.
The company will use the proceeds to advance its pipeline of therapeutics.
Co-founded by Ashleigh Palmer, CEO, and Francisco Leon, MD, Ph.D., Provention Bio is a clinical-stage biopharmaceutical company dedicated to sourcing, developing and commercializing novel therapeutics and solutions to intercept and prevent immune-mediated disease. Its predict and prevent therapeutic model is focused on developing drugs that intervene before the targeted disease begins, re-appears or progresses. The pipeline includes clinical-stage assets licensed from Janssen Research & Development, LLC (Janssen) and Vactech Oy (a Finnish biotechnology company), which the company will be developing for Crohn’s disease, ulcerative colitis, emerging viral infections, and the prevention of type1 diabetes (T1D).