Proteostasis Therapeutics (PTI) IPO Opens Flat

Today's IPO for Proteostasis Therapeutics (NYSE: PTI) opened for trading at $8 after pricing 6,250,000 shares of common stock at a public offering price of $8.00 per share, before underwriting discounts and commissions. The company had planned to offer 3,850,000 shares at $12-$14.

Leerink Partners and RBC Capital Markets are acting as joint book-running managers. Baird and H.C. Wainwright & Co. are acting as co-managers.

Proteostasis Therapeutics, Inc. (PTI) is developing disease-modifying therapeutics for diseases of protein processing. Using the DRT™ platform, a phenotypic screening approach based on the use of functionally pertinent cellular assays and disease relevant models, PTI identifies highly selective drug candidates that modulate the proteostasis imbalance in the cell. In addition to its multiple wholly-owned programs in cystic fibrosis, PTI has formed collaborations with Biogen New Ventures Inc. to research and identify therapeutic candidates for neurodegenerative disease and with Astellas Pharma Inc. to research and identify therapies targeting the Unfolded Protein Response (UPR) pathway.

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