Proteostasis Therapeutics Announces Completion of Public Offering of Common Stock and Full Exercise of Underwriters’ Option...
December 21 2017 - 4:50PM
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 the closing of an underwritten public offering of
9,200,000 shares of its common stock, which included 1,200,000
shares that were issued pursuant to the full exercise of the
underwriters’ option to purchase additional shares, at a public
offering price of $5.00 per share. Net proceeds from this
offering were approximately $42.9 million, after deducting
underwriting discounts and commissions and estimated offering
expenses. Proteostasis intends to use the net proceeds from this
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 acted as joint
book-running managers for the offering. H.C. Wainwright & Co.,
LLC acted as lead manager for the offering.
The securities described above were 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. A final prospectus supplement
related to the offering was filed with the SEC on December 14, 2017
and is available on the SEC's website at http://www.sec.gov. Copies
of the final prospectus supplement and the accompanying prospectus
for the securities offered may also be obtained 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 related to the anticipated use of
proceeds from the offering. 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, 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 final prospectus supplement related to the
offering filed with the SEC on December 14, 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:David RosenArgot
Partners212.600.1902david.rosen@argotpartners.com
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