Proteostasis Therapeutics Focuses on Research and Development of CF Drug Candidates and Astellas Pharma Collaboration Programs
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
“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
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.”
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
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Source: Proteostasis Therapeutics, Inc.