CAMBRIDGE, Mass., March 19, 2018 /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,
announced today that it intends to offer and sell, subject to
market and other conditions, 9,000,000 shares of its common stock
in an underwritten public offering. As part of this offering,
Proteostasis intends to grant the underwriters a 30-day option to
purchase up to an additional fifteen percent, or 1,350,000 shares,
of the common stock offered in the public offering. All of the
shares to be sold in the offering are to be sold by
Proteostasis.
Leerink Partners and RBC Capital Markets are acting as joint
book-running managers for the offering. H.C. Wainwright & Co.
is acting as lead manager for the offering. The offering is subject
to market conditions, and there can be no assurance as to whether
or when the offering may be completed, or as to the actual size or
terms of 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 offering will be made only by means of a
preliminary prospectus supplement and accompanying prospectus. When
available, copies of the preliminary prospectus supplement and the
accompanying prospectus may 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. Electronic
copies of the preliminary prospectus supplement and accompanying
prospectus will also be available on the website of the SEC at
http://www.sec.gov.
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 the completion and timing and size of the proposed
public 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 and the
satisfaction of customary closing conditions related to the
proposed 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 the
Company's periodic reports, including its annual report on
Form 10-K for the year ended December 31,
2017 and in the preliminary prospectus supplement related to
the proposed offering to be filed with the SEC on or
about the date hereof, 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
Pitts
Argot Partners
212.600.1902
david@argotpartners.com
Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com
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SOURCE Proteostasis Therapeutics, Inc.