Provention Bio Inc (Nasdaq: PRVB), a clinical-stage biopharmaceutical company dedicated to intercepting and preventing immune-mediated diseases, announced on Thursday, its financial results for full year ended 31 December 2019.

The company reported net loss for 2019 at USD43.3m, or USD1.06 per basic and diluted share, compared to a net loss of USD26.8m, or USD1.19 per basic and diluted share, in the year-ago period.

The firm posted cash and cash equivalents and marketable securities of USD85.4m in 2019.

'2019 was a transformational year for Provention Bio and the type 1 diabetes (T1D) landscape,' stated Ashleigh Palmer, CEO of Provention Bio. 'Data from the 'At-Risk' study published in the New England Journal of Medicine in June highlights the potential of PRV-031 (teplizumab) to prevent or delay onset of clinical T1D in individuals at risk of end-stage, insulin-dependent disease. Our receipt of Breakthrough Therapy and PRIME designations from the US Food and Drug Administration (FDA) and European Medicines Agency (EMA), respectively, recognizes and confirms the unmet T1D need and validates the transformative therapeutic potential of teplizumab.'