Proteostasis Therapeutics Achieves Preclinical Milestone in Astellas Pharma Collaboration
August 08 2016 - 10:57AM
Proteostasis Therapeutics, Inc. (NASDAQ:PTI), a clinical stage
biopharmaceutical company developing small molecule therapeutics to
treat diseases caused by dysfunctional protein processing, today
announced that it has successfully completed a key preclinical
milestone in its collaboration with Astellas Pharma Inc.
(Astellas). The milestone, which triggered an undisclosed payment
from Astellas, demonstrated that selective modulation of the
Unfolded Protein Response (UPR) pathway in vitro is potentially an
effective disease-modifying approach in the treatment of multiple
diseases with few or no therapies currently available.
“We are very encouraged to reach this milestone so early in our
collaboration with Astellas,” said Meenu Chhabra, President and
Chief Executive Officer at Proteostasis Therapeutics.
“Demonstrating the value of the UPR pathway is an early positive
signal in this collaboration with Astellas, and additionally, it
provides yet another proof point supporting the broad applicability
and power in our discovery platform as achieved through use of our
proprietary Disease Relevant Translation and Proteostasis
Network.”
As a result of this achievement, Proteostasis Therapeutics is
also eligible for future research funding, development and
commercial milestones, under the agreement, subject to the
achievement of future milestones, which could result in total
payments of more than $400 million, as well as tiered royalties.
Astellas retains the right to begin two additional projects under
the same terms, which, if it fully exercised this right, would
bring the total potential value of the collaboration to $1.2
billion.
“The achievement of this key preclinical milestone marks a
transition point for our collaboration as it proves one of the
basic scientific tenets underlying the program. We remain
enthusiastic about the UPR as a very interesting and potentially
important target for protein conformational diseases and expect to
use that knowledge to deliver new therapeutic options to the clinic
and, ultimately, to patients in need,” said Kenji Yasukawa, Ph.D.,
Senior Vice President and Chief Strategy Officer, Astellas.
The collaboration focuses on several undisclosed indications
that could be treated through modulation of the UPR pathway. As
part of the agreement, the companies are conducting discovery,
screening and preclinical research to identify lead compounds for
clinical development. Upon candidate selection, Proteostasis
Therapeutics will have the rights to opt in for global
co-development and United States co-promotion.
About Proteostasis Therapeutics,
Inc.Proteostasis Therapeutics, Inc. is a biopharmaceutical
company dedicated to the discovery of groundbreaking therapies to
treat diseases caused by dysfunctional protein processing, such as
cystic fibrosis (CF). Headquartered in Cambridge, MA, the
Proteostasis Therapeutics team focuses on identifying therapies
that modulate the proteostasis imbalance in cells and restore
protein function. Proteostasis Therapeutics is currently enrolling
eligible adults with CF to participate in its Phase 1 clinical
trials of PTI-428. PTI-428 is a unique modulator of the Cystic
Fibrosis Transmembrane Conductance Regulator (CFTR) protein, called
an amplifier, that when used in combination with existing
treatments and therapies has shown a consistent positive effect on
CFTR protein activity in vitro in pre-clinical studies. In addition
to its multiple programs in cystic fibrosis and the Astellas
collaboration, Proteostasis Therapeutics also has a collaboration
with Biogen to research and identify therapeutic candidates for
neurodegenerative disease. For more information visit
www.proteostasis.com.
About AstellasAstellas Pharma Inc., based in
Tokyo, Japan, is a company dedicated to improving the health of
people around the world through the provision of innovative and
reliable pharmaceutical products. We focus on Urology, Oncology,
Immunology, Nephrology and Neuroscience as prioritized therapeutic
areas while advancing new therapeutic areas and discovery research
leveraging new technologies/modalities. We are also creating new
value by combining internal capabilities and external expertise in
the medical/healthcare business. Astellas is on the forefront of
healthcare change to turn innovative science into value for
patients. For more information, please visit our website at
www.astellas.com/en.
Forward-Looking StatementsThis release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the advancement of, and anticipated development plans
related to, the Company’s product candidates and preclinical and
clinical studies. Any forward-looking statements are based on
management’s current expectations of future events and are subject
to a number of risks and uncertainties that could cause actual
results to differ materially and adversely from those set forth in
or implied by such forward-looking statements. For a discussion of
other risks and uncertainties, and other important factors, any of
which could cause our actual results to differ from those contained
in the forward-looking statements, see the section entitled “Risk
Factors” in our most recent Quarterly Report on Form 10-Q on file
with the Securities and Exchange Commission, as well as discussions
of potential risks, uncertainties, and other important factors in
our subsequent and future filings with the Securities and Exchange
Commission. All information in this press release is as of the date
of the release, and Proteostasis Therapeutics undertakes no duty to
update this information unless required by law.
Media Contact:
Katie Engleman, Pure Communications, Inc.
(910) 509-3977
katie@purecommunicationsinc.com
Investor Contact:
Luke Heagle, Pure Communications, Inc.
(910) 726-1372
luke@purecommunicationsinc.com
Astellas Contacts:
Astellas Pharma Inc.
Corporate Communications
+81-3-3244-3201
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