CAMBRIDGE, Mass., Dec. 21, 2017 (GLOBE NEWSWIRE) -- 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 the closing of an underwritten public offering of 9,200,000 shares of its common stock, which included 1,200,000 shares that were issued pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $5.00 per share. Net proceeds from this offering were approximately $42.9 million, after deducting underwriting discounts and commissions and estimated offering expenses. Proteostasis intends to use the net proceeds from this offering to advance its double and triple combination therapies in dose-range-finding and proof-of-concept studies, to advance each of its double and triple combination therapies in Phase 1 clinical trials in CF patients and for working capital and other general corporate purposes.

Leerink Partners LLC and RBC Capital Markets, LLC acted as joint book-running managers for the offering. H.C. Wainwright & Co., LLC acted as lead manager for the offering.

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.