Proteostasis Therapeutics Prices Public Offering of Common Stock
December 13 2017 - 8:31PM
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,
announced today that it has priced an underwritten public offering
of 8,000,000 shares of its common stock at a price to the public of
$5.00 per share. The gross proceeds to Proteostasis from the
offering, before underwriting discounts and commissions and
offering costs, are expected to be $40 million. Proteostasis
has granted the underwriters a 30-day option to purchase up to an
additional 1,200,000 shares of common stock. All of the shares to
be sold in the offering are being sold by Proteostasis. The
offering is expected to close on or about December 18, 2017,
subject to satisfaction of customary closing conditions.
Proteostasis intends to use the net proceeds from the proposed
offering to advance its double and triple combination therapies in
dose-range-finding and proof-of-concept studies, to advance each of
its double and triple combination therapies in Phase 1 clinical
trials in CF patients and for working capital and other general
corporate purposes.
Leerink Partners LLC and RBC Capital Markets, LLC are acting as
joint book-running managers for the offering. H.C. Wainwright &
Co., LLC is acting as lead manager for the offering.
The securities described above are being offered by Proteostasis
pursuant to a shelf registration statement (File No. 333-218545),
which was declared effective by the Securities and Exchange
Commission (SEC) on July 3, 2017. The securities may be offered
only by means of a prospectus. A preliminary prospectus supplement
related to the offering was filed with the SEC on December 13, 2017
and is available on the SEC's website at http://www.sec.gov and a
final prospectus supplement related to the offering will be filed
with the SEC and will be available on the SEC's website at
http://www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus for the securities being offered may
also be obtained, when available, from Leerink Partners LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, by telephone at 800-808-7525, ext. 6132 or by
email at syndicate@Leerink.com and from RBC Capital Markets, LLC,
Attention: Equity Syndicate, 200 Vesey Street,
8th Floor, New York, NY 10281, Telephone: (877)
822-4089, Email: equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Proteostasis Therapeutics,
Inc.
Proteostasis Therapeutics, Inc. is a clinical stage
biopharmaceutical company developing small molecule therapeutics to
treat cystic fibrosis (CF) and other diseases caused by
dysfunctional protein processing. Headquartered in Cambridge, MA,
the Proteostasis Therapeutics team focuses on identifying therapies
that restore protein function. In addition to its multiple programs
in cystic fibrosis, Proteostasis Therapeutics has formed a
collaboration with Astellas Pharma, Inc. to research and identify
therapies targeting the Unfolded Protein Response (UPR)
pathway.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended. All statements other than statements of historical
facts contained in this press release are forward-looking
statements, including statements regarding Proteostasis’
expectations of market conditions and the satisfaction of customary
closing conditions related to the public offering and the
anticipated use of proceeds therefrom. In some cases, you can
identify forward-looking statements by terms such as “may,” “will,”
“should,” “expect,” “plan,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplates,” “believes,” “estimates,”
“predicts,” “potential” or “continue” or the negative of these
terms or other similar expressions. These forward-looking
statements speak only as of the date of this press release and are
subject to a number of risks, uncertainties and assumptions,
including the risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the public offering, as well as risks and uncertainties
inherent in Proteostasis’ business, including those described in
the company's periodic filings with the SEC. The events and
circumstances reflected in the company's forward-looking statements
may not be achieved or occur and actual results could differ
materially from those projected in the forward-looking statements.
Additional information on risks facing Proteostasis can
be found under the heading “Risk Factors”
in Proteostasis’ periodic reports, including its annual
report on Form 10-K for the year ended December 31, 2016, its
quarterly report on Form 10-Q for the quarter ended September
30, 2017, and in the preliminary prospectus supplement related to
the proposed offering filed with the SEC on December 13,
2017, each available on the SEC’s web site
at www.sec.gov. Except as required by applicable law, the
company does not plan to publicly update or revise any
forward-looking statements contained herein, whether as a result of
any new information, future events, changed circumstances or
otherwise.
CONTACTS:
Investors:David PittsArgot
Partners212.600.1902david@argotpartners.com
Media:Eliza SchleifsteinArgot
Partners973.361.1546eliza@argotpartners.com
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