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
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SOURCE: MDB Capital Holdings