CAMBRIDGE, Mass., March 20, 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 is not proceeding with its proposed public
offering of 9,000,000 shares of its common stock in an underwritten
public offering previously announced on March 19, 2018. The company believes that
current market conditions are not conducive for an offering on
terms that would be in the best interest of its current
stockholders.
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. 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 the Company's periodic reports, including its
annual report on Form 10-K for the year ended December 31, 2017 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.