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Provention Bio plans $50M IPO

Oldwick, N.J.-based Provention Bio Inc. is looking to raise up to $50 million in its IPO.

The biopharmaceutical company plans to list its shares on the Nasdaq Capital Market under the symbol PRVB. It also intends to grant underwriters an option to buy additional shares in the offering.

Provention Bio is a clinical-stage biopharmaceutical company developing novel therapeutics aimed at intercepting and preventing immune-mediated diseases.

Net proceeds from the IPO will be used to fund the ongoing clinical development of its drugs indicated to treat acute coxsackie B virus and autoimmune diseases including Crohn's disease, ulcerative colitis, lupus and type 1 diabetes.

MDB Capital Group LLC is acting as the underwriter for the IPO.