This post was originally published on this site
The U.S. Food and Drug Administration approved use of the drug, to be sold under brand name Tzield, late on Thursday for delaying the onset of insulin-dependent type 1 diabetes, which is less common than type 2 of the disease, for people aged 8 years and above.
A 14-day regimen of the drug would translate to a price of $193,900, the company said on a conference call.
In October, Provention signed a co-promotion deal for the drug with Sanofi (NASDAQ:SNY), offering the French drugmaker first negotiation for exclusive global rights to commercialize the drug in exchange for an upfront payment of $20 million.
As per the deal, the approval also allows Sanofi to purchase up to $35 million of Provention’s common shares.
Shares of New Jersey-based Provention Bio were down nearly 8% before the bell.
