{"id":31116,"date":"2017-06-26T11:43:27","date_gmt":"2017-06-26T15:43:27","guid":{"rendered":"http:\/\/sciencebusiness.technewslit.com\/?p=31116"},"modified":"2017-06-26T11:43:27","modified_gmt":"2017-06-26T15:43:27","slug":"immune-disease-start-up-raises-28m-in-early-funds","status":"publish","type":"post","link":"https:\/\/technewslit.com\/sciencebusiness\/?p=31116","title":{"rendered":"Immune Disease Start-Up Raises $28M in Early Funds"},"content":{"rendered":"
\"Vaccine<\/a>
(FirstResponder.govv)<\/figcaption><\/figure>\n

26 June 2107. A new company founded to develop treatments for diseases caused by problems with the immune system is raising $28.4 million in its first round of financing. Provention Bio Inc.<\/a> in Lebanon, New Jersey plans to address autoimmune disorders, where the immune system is tricked into attacking healthy cells and tissue, either by preventing the diseases or with early-stage treatments before serious symptoms emerge.<\/p>\n

Provention Bio began last year, started by Francisco Leon<\/a>, an immunologist and founder of several biotechnology and drug discovery companies, and Ashleigh Palmer<\/a>, a venture investor and also a founder of multiple life sciences enterprises. The company obtains the rights to promising drug candidates<\/a> designed to prevent the onset of autoimmune diseases — such as type 1 diabetes, Crohn\u2019s disease, and ulcerative colitis — or treat the disorders early in their progression before symptoms become more serious, or prevent their relapse in cases where the disease is already taking hold.<\/p>\n

Provention says its first discoveries are licensed from Janssen Research & Development<\/a>, a division of drug maker Johnson & Johnson, and Vactech Oy<\/a>, a biotechnology company in Tampere, Finland. Vactech is developing a vaccine to prevent type 1 diabetes<\/a>, an inherited disorder where the immune system attacks insulin-producing beta cells in the pancreas, and is diagnosed primarily in children or young adults. The vaccine is designed to prevent infections from enteroviruses<\/a>, a type of virus responsible for a wide range of diseases, but also suspected of being a triggering mechanism<\/a> in type 1 diabetes. Vactech says preclinical tests suggest its vaccine<\/a> could prevent as many as half of all type 1 diabetes cases.<\/p>\n

Leon and Palmer are also founders of the CelImmune<\/a>, a biopharmaceutical company developing treatments for celiac disease, also an inherited disorder. As reported in Science & Enterprise<\/a>, CelImmune is conducting a clinical trial of a therapy for advanced cases of celiac disease that do not respond to a gluten-free diet.<\/p>\n

MDB Capital Group<\/a> in Dallas is a co-founder of Provention Bio as well as leading the funding round. Taking part in the financing are Johnson & Johnson Innovation<\/a> and the investment arm of JDRF<\/a>, a foundation raising money and awareness to support research on type 1 diabetes. JDRF is collaborating with Janssen Research & Development on developing early stage treatments for type 1 diabetes. Janssen R&D has a division called its Disease Interception Accelerator addressing conditions in their early stages, including type 1 diabetes<\/a>.<\/p>\n

MDB Capital completed the $28.4 million fund-raising in April 2017, through sales of preferred shares<\/a> of Provention stock that have a higher claim on assets and earnings than common stock. An initial public offering of Provention common stock is expected next year.<\/p>\n

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