Provention Bio Inc (Nasdaq: PRVB), a clinical stage biopharmaceutical company involved in intercepting and preventing immune-mediated diseases, announced yesterday its financial results for the third quarter ended 30 September 2019.

The company reported cash and cash and cash equivalents totalling at USD95.1m effective 30 September 2019.

Net loss for the third quarter 2019 was USD9.8m, or USD0.24 per basic and diluted share, compared to a net loss of USD5.4m, or USD0.17 per basic and diluted share, for the same period in 2018. The increase in net loss was attributable to an increase in research and development costs of USD3.2m primarily associated to an increase in clinical development expenses for PRV-031, as well as an increase in general and administrative costs of USD1.4m.

Ashleigh Palmer, CEO, Provention Bio, said, 'The PRV-031 program continues to build momentum, with positive developments on the regulatory front that strengthen our confidence in the path forward for the prevention or delay of the onset of clinical type 1 diabetes (T1D) in at-risk individuals.'