DALLAS, TX / ACCESSWIRE / November 29, 2022 / MDB Capital Holdings, LLC, a privately-held public venture platform with the objective of growing the public venture marketplace and optimizing the way meaningful technologies are financed and built, today announced that for the third time, a company launched by MDB Capital has achieved approval from the U.S. Food and Drug Administration (FDA). On November 17, the FDA granted approval of Tzield (teplizumab) to delay the onset of Type 1 Diabetes to Provention Bio, Inc.
Provention was co-founded in 2017 by MDB Capital and Ashleigh Palmer and Francisco Leon with the mission to intercept and prevent chronic autoimmune and inflammatory diseases. Utilizing MDB's two-step IPO process, Provention raised $28 million in seed funding in April 2017, which was followed by a $64 million IPO in July 2018.
"When Anthony DiGiandomenico and I started MDB 25 years ago, we were committed to creating and launching meaningful companies that benefit humanity via our unique public venture platform," said Christopher Marlett, CEO of MDB Capital Holdings. "Thanks to the leadership of Ashleigh and Francisco and the commitment of their team, Provention has been able to achieve that goal. Tzield represents the first disease-modifying therapy for this life-threatening autoimmune disease since the development of insulin a century ago, making this approval a great day for diabetes patients, which is the ultimate reward for our community's efforts."
Full details about the historic approval can be found at www.proventionbio.com and www.fda.gov.
About MDB Capital Holdings, LLC
MDB was founded in 1997 with the purpose of backing visionary technology, inventors, and technology entrepreneurs via a new form of public venture that finances pre-revenue, early-stage companies through early public offerings, primarily listed on NASDAQ. After successfully launching 16 companies under this public venture model, MDB is now positioned to scale up the number of companies it can back with its unique process and community of investors.
MDB seeks to support the growth of the public venture marketplace via its wholly owned subsidiaries Public Ventures, LLC ("Public Ventures"), Member FINRA/SIPC; PatentVest, Inc.; and by incubating new visionary companies that are taken public via offerings exclusively to the shareholders of MDB.
MDB is in the process of expanding the business scope of Public Ventures, an SEC registered and FINRA member broker-dealer, to include self-clearing capabilities with the mission to create a value-added platform for investors and issuers.
For more information, please visit www.mdb.com.
Forward Looking Statements
This press release contains "forward-looking statements." These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," "shall" and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond MDB's control. MDB's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in documents that may be filed by MDB from time to time with the SEC. The forward-looking statements included in this press release represent MDB's views as of the date of this press release. MDB anticipates that subsequent events and developments will cause its views to change. MDB undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing MDB's views as of any date subsequent to the date of this press release.
Investor Contacts
IR@mdb.com
SOURCE: MDB Capital Holdings
View source version on accesswire.com:https://www.accesswire.com/729143/MDB-Capital-Holdings-Announces-Third-MDB-Launched-Company-to-Achieve-FDA-Approval
