Proteostasis Therapeutics Focuses on Research and Development of CF Drug Candidates and Astellas Pharma Collaboration Program...
01 November 2017 - 7:05AM
Proteostasis Therapeutics, Inc. (NASDAQ:PTI), a biopharmaceutical
company developing small molecule therapeutics to treat diseases
caused by dysfunctional protein processing such as cystic fibrosis
(CF), today announced that the Company has initiated a strategic
prioritization to focus resources on the research and development
of its cystic fibrosis programs – including clinical trials for
PTI-428, PTI-801 and PTI-808 – as well as its discovery-stage
program in unfolded protein response (UPR), a collaboration with
Astellas Pharma.
As part of this initiative, Proteostasis is
reducing the headcount dedicated to research from 46% of the total
workforce to 34%, through the elimination of 13 positions. The
resulting estimated annual cost savings related to the
prioritization, including personnel and other operating costs, is
approximately $3.0 million. Proteostasis expects to incur a
one-time cash charge in the fourth quarter of 2017 for severance
and other related costs of $0.2 million. The restructuring is not
anticipated to have operational impact on the Company’s existing CF
programs and its UPR program with Astellas.
“Through our disease relevant technology, or
DRT, platform which was established on our understanding of the
proteostasis network, we have explored developing drug candidates
for a variety of protein conformational diseases. We have validated
our DRT platform through identification of three novel CFTR
modulators now in clinical development for CF and an active
corporate partnership with Astellas,” said Meenu Chhabra, president
and chief executive officer of Proteostasis Therapeutics.
“Our company was founded on the scientific premise that small
molecules can restore the balance in the proteostasis network and
have therapeutic applications in multiple genetic, degenerative and
metabolic diseases. As we move forward, our focus will be in
continuing the clinical development of the CF pipeline and
advancing the understanding of the underlying biology of our novel
CFTR modulators.”
Ms. Chhabra continued: “We would like to thank
our departing colleagues for their dedication to Proteostasis’
mission of discovering and developing groundbreaking therapies to
treat diseases caused by an imbalance in the proteostasis network.
Their efforts have contributed to the realization of the potential
of our platform. The prioritization of our resources is meant to
reflect our conviction that the CF and UPR programs remain the
biggest potential drivers of value for Proteostasis and our
stakeholders, and that a streamlined research organization will
give us the financial flexibility to make judicious investments in
our assets with the largest potential return for the Company and
for the patients we seek to benefit.”
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 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. For more information, visit
www.proteostasis.com.
Safe Harbor
To the extent that statements in this release
are not historical facts, they are forward-looking statements
reflecting the current beliefs and expectations of management made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words such as “aim,” “may,”
“will,” “expect,” “anticipate,” “estimate,” “intend,” and similar
expressions (as well as other words or expressions referencing
future events, conditions or circumstances) are intended to
identify forward-looking statements. Examples of
forward-looking statements made in this release include, without
limitation, statements regarding our expected savings from a
research restructuring action. Forward-looking
statements made in this release involve substantial risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by the forward-looking statements,
and we therefore cannot assure you that our plans, intentions,
expectations or strategies will be attained or achieved. Such
risks and uncertainties include, without limitation, the
possibility final or future results from our drug candidate trials
(including, without limitation, longer duration studies) do not
achieve positive results or are materially and negatively different
from or not indicative of the preliminary results reported by the
Company (noting that these results are on a small number of
patients and small data set), uncertainties inherent in the
execution and completion of clinical trials (including, without
limitation, the possibility FDA requires us to run cohorts
sequentially or conduct additional cohorts or pre-clinical or
clinical studies), in the enrollment of CF patients in our clinical
trials, in the timing of availability of trial data, in the results
of the clinical trials, in possible adverse events from our trials,
in the actions of regulatory agencies, in endorsement, if any, by
therapeutic development arms of CF patient advocacy groups, and
those set forth in our Annual Report on Form 10-K for the year
ended December 31, 2016, and our other SEC filings. We assume
no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACTS:
Investors and Media:David
PittsArgot Partners212.600.1902david@argotpartners.com
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