PRVB - Provention Bio secures $125M term loan facility

• Provention Bio ( NASDAQ: PRVB ) has secured a $125M term loan facility from Hercules Capital.
• The term loan facility provides for up to $125M of term loans in the aggregate, available to be funded in up to five tranches. The first tranche of $25M was drawn at closing.
• The biopharmaceutical company may draw the second tranche of $40M upon approval of teplizumab, subject to certain conditions.
• The third and fourth tranches will be available in an aggregate amount of up to $35M, subject to satisfaction of certain conditions, including achievement of certain milestones.
• The availability of the fifth tranche of up to $25M is subject to the approval of the lenders.
• CFO Thierry Chauche said, "This term loan facility significantly strengthens our balance sheet ahead of teplizumab's potential commercial launch and provides the Company with additional financial flexibility as we continue to work to change the landscape for patients with type 1 diabetes."

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