Provention Bio Inc (NASDAQ: PRVB) rose sharply Monday after the company announced study results showing a single course of PRV-031 delayed type 1 diabetes onset in high-risk individuals by at least two years.
The company, based in Oldwick, New Jersey, announced Sunday announced that results from the National Institutes of Health (NIH)-sponsored "At-Risk" Study were published on-line in The New England Journal of Medicine and presented at the Scientific Sessions of the 79th Annual American Diabetes Association (ADA) meeting.
The "At-Risk" Study was sponsored by the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), with additional support from JDRF.
The study was conducted by the Type 1 Diabetes TrialNet, an international collaboration aimed at discovering ways to delay or prevent type 1 diabetes (T1D), and evaluated Provention's PRV-031 (teplizumab) for the prevention or delay of clinical T1D in relatives of type 1 diabetics at high-risk of developing the disease.
PRV-031 (teplizumab) is an anti-CD3 monoclonal antibody in development for the interception and prevention of clinical T1D.
Results from the study showed that a single 14-day course of PRV-031 (teplizumab) significantly delayed the onset and diagnosis of clinical T1D, as compared to placebo, by a median of two years in children and adults considered to be at high risk.
The median time to clinical diagnosis of T1D for placebo participants was just over 24 months.
Provention is a clinical stage biopharmaceutical company dedicated to intercepting and preventing immune-mediated disease.
Its shares more than doubled to start, leaping $6.17, or 141.8%, to $10.52
