CAMBRIDGE, Mass., Dec. 12, 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 that it intends to offer and sell, subject to market and other conditions, 7,000,000 shares of its common stock in an underwritten public offering. As part of this offering, Proteostasis intends to grant the underwriters a 30-day option to purchase up to an additional fifteen percent, or 1,050,000 shares, of the common stock offered in the public offering. All of the shares to be sold in the offering are to be sold by Proteostasis.

Leerink Partners LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. H.C. Wainwright & Co., LLC is acting as lead manager for the offering. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of 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.