BOSTON, Dec. 17, 2018 /PRNewswire/ -- 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, today
announced a worldwide, exclusive license agreement with Genentech, a member of the Roche Group, for rights to potential
therapeutic small molecule modulators of an undisclosed target within the proteostasis network. The agreement does not
include cystic fibrosis transmembrane conductance regulator (CFTR) modulators and is unrelated to PTI's investigational medicines
or other ongoing research programs in cystic fibrosis.
The proteostasis network consists of more than 1,000 proteins organized into pathways that can be regulated or targeted by
drugs. Genetic mutations, environmental factors, and aging can cause the proteome to become imbalanced, which can lead to a
decrease in protein quality control leading to a wide range of diseases including cancer.
Under the terms of the agreement, in exchange for rights to these small molecule modulators, Proteostasis is eligible to
receive upfront and milestone payments of over $100 million. In addition, Proteostasis is eligible
to receive tiered royalties on sales of medicines resulting from the license agreement. Genentech is responsible for all further
research and development expenses related to the program. Full financial terms, the therapeutic target and disease areas of focus
are not disclosed.
"We are thrilled to enter into this agreement with Genentech, an industry leader with a proven record of success in small
molecule research and development," said Meenu Chhabra, President and CEO of Proteostasis
Therapeutics. "PTI's platform revolves around the modulation of protein homeostasis pathways within the cell, either restoring
its normal state or enhancing its capacity to control or delay the progression of disease. We look forward to working with
Genentech to leverage discoveries from this platform to potentially address unmet medical needs."
About Proteostasis Therapeutics, Inc.
Proteostasis Therapeutics, Inc. is a clinical stage biopharmaceutical company developing small molecule therapeutics to
treat cystic fibrosis and other diseases caused by dysfunctional protein processing. Headquartered in Boston, MA,
the Proteostasis Therapeutics team focuses on identifying therapies that restore protein function. 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 expected receipt of the upfront payment, future milestone-based payments and royalties which may
be paid by Genentech to Proteostasis Therapeutics, and the potential for the platform or target to yield treatments addressing
unmet medical need. 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, or expectations for our technology will be attained or achieved. Such risks
and uncertainties include, without limitation, the possibility that Proteostasis Therapeutics may not realize the potential
benefits of this licensing arrangement, and those set forth in our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2018 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.
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SOURCE Proteostasis Therapeutics, Inc.