Proteostasis Therapeutics Announces Withdrawal of Equity Offering Due to Market Conditions
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.