Plus   Neg

Provention Bio's Phase 2a Study On Crohn's Disease Fails To Meet Primary Goal

Provention Bio Inc. (PRVB) reported that Phase 2a PRINCE Clinical Trial with PRV-6527 in patients with moderate to severe Crohn's disease did not achieve primary endpoint due to high placebo effect.

In the pre-market, PRVB is trading at $5.50, down $0.57 or 9.39 percent.

The company noted that PRV-6527 was found to be generally safe and well tolerated, with no drug-related serious adverse events.

As per licensing agreement with Provention, Janssen has the right to buy back PRV-6527 for a one-time payment of $50 million and single-digit royalties on future net sales. In the event that Janssen does not take back PRV-6527, Provention is free to sublicence the program on a worldwide basis to another partner in the field of inflammatory bowel disease.

Crohn's disease is a chronic, immune-mediated inflammatory bowel disease (IBD) characterized by inflammation of the gastrointestinal (GI) tract. Myeloid cells, a species of antigen-presenting cells, are believed to play a central role in Crohn's disease by presenting microbiome antigens to white blood cells in the gut.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon plans to more than double its corporate workforce in Las Vegas by creating 125 additional jobs in the city. The e-commerce giant recently opened a new 30,000 square foot office in Town Square in downtown Las Vegas and plans to expand its corporate workforce in the area to support its Human Resources division. Amazon also said it will donate $100,000 to two food bank partners. Consumer Reports has once again recommended Tesla's Model 3 and Model S sedans as reliable, after the vehicles were previous downgraded by the organization. Consumer Reports said that the two sedans regained its recommendation due to improved reliability reports from owners of the cars, based on the results of its annual Auto Reliability Survey that were announced Thursday. Sears Holdings recalled about 700 units of Kenmore Elite microwave ovens for possible electrical burn hazard, a statement by the U.S. Consumer Product Safety Commission said. The company said the incorrect wiring of the microwave oven causes its exterior to reach temperatures exceeding 183 degrees fahrenheit that could result in a burn hazard to the user.
Follow RTT