BOSTON, Dec. 2, 2019 /PRNewswire/ -- Proteostasis
Therapeutics, Inc. (Nasdaq:PTI), a clinical stage biopharmaceutical
company dedicated to the discovery and development of
groundbreaking therapies to treat cystic fibrosis (CF) and other
diseases caused by dysfunctional protein processing, today
announced that it received a letter dated November 27, 2019 from the Listing Qualifications
Department of The Nasdaq Stock Market LLC ("Nasdaq") notifying the
Company that it has regained compliance with the requirement of The
Nasdaq Global Market to maintain a minimum bid price of
$1.00 per share. The letter noted
that as of November 26, 2019, the
Company evidenced a closing bid price of its common stock in excess
of the $1.00 minimum requirement for
at least ten consecutive trading days. Accordingly, the Company has
regained compliance with Nasdaq Listing Rule 5450(a)(1) and Nasdaq
considers the matter closed.
About Proteostasis Therapeutics, Inc.
Proteostasis Therapeutics, Inc. is a clinical stage
biopharmaceutical company developing small molecule therapeutics to
treat cystic fibrosis and other diseases caused by dysfunctional
protein processing. Headquartered in Boston, MA, the Proteostasis Therapeutics team
focuses on identifying therapies that restore protein function. For
more information, visit www.proteostasis.com.
Safe Harbor
To the extent that statements in this release are not historical
facts, they are forward-looking statements reflecting the current
beliefs and expectations of management made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Words such as "aim," "may," "will," "expect,"
"anticipate," "estimate," "intend," and similar expressions (as
well as other words or expressions referencing future events,
conditions or circumstances) are intended to identify
forward-looking statements. Forward-looking statements made
in this release involve substantial risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied by the forward-looking statements, and we,
therefore cannot assure you that our plans, intentions,
expectations or strategies will be attained or achieved. Such
risks and uncertainties include, without limitation, those set
forth in our Annual Report on Form 10-K for the year ended
December 31, 2018, our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2019 and our other SEC
filings. We assume no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACTS:
Investors:
David Pitts
/ Claudia Styslinger
Argot Partners
212.600.1902
david@argotpartners.com / claudia@argotpartners.com
Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com
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SOURCE Proteostasis Therapeutics, Inc.