BOSTON, March 7, 2019 /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 that David Arkowitz has been appointed to the Company's Board of Directors. Mr. Arkowitz
is the Chief Financial Officer (CFO) and Treasurer of Flexion Therapeutics, a publicly traded, commercial stage biotechnology
company.
Mr. Arkowitz has over 25 years of financial and operational leadership experience in the life sciences and biotechnology
industries. Prior to joining Flexion, Mr. Arkowitz served as Chief Operating Officer and CFO at Visterra, a biotechnology company
which was acquired by Otsuka Pharmaceutical Co., where he led the finance, business development, corporate planning and other
functions. Previously, Mr. Arkowitz was CFO and General Manager at Mascoma Corporation, CFO and Chief Business Officer at AMAG
Pharmaceuticals, and CFO of Idenix Pharmaceuticals. Prior to his tenure at Idenix, Mr. Arkowitz spent more than 13 years at Merck
& Co., Inc. where he held roles of increasing responsibility, including Vice President and Controller of the U.S. Human
Health division and Controller of the Global Research and Development division, and CFO of the Canadian subsidiary. Mr. Arkowitz
serves on the board of directors and as chair of the audit committee of Spring Bank Pharmaceuticals, a public biopharmaceutical
company. Mr. Arkowitz has a BA in Mathematics from Brandeis University and an MBA in Finance from
Columbia University Business School.
"David has deep financial and operational life sciences experience that will be an asset to PTI as we near the readout of
multiple clinical studies of our CFTR modulators this quarter and move closer to launching our Phase 3 CF program in 2020.
We are pleased to welcome him to the PTI board of directors," said Meenu Chhabra, President and
Chief Executive Officer of Proteostasis.
"The unmet need and the heterogeneity of cystic fibrosis leaves a tremendous opportunity for a range of new CFTR
modulators. As the Company approaches the transition to Phase 3 development, I'm excited to join the board and contribute
to PTI's strategic growth," commented Mr. Arkowitz.
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 the potential of our proprietary combination therapies for the treatment of CF, the
potential benefit to patients of our proprietary combination therapies, expected timing of the data from our clinical studies,
expected timing of initiation of our clinical studies, and our expectations regarding our new board member. 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 uncertainties inherent in the initiation, execution and completion of clinical trials, in the timing of
availability of trial data, in the results of the clinical trials, in the actions of regulatory agencies, in the
commercialization and acceptance of new therapies, 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.
CONTACTS:
Investors:
David Pitts / Claudia Styslinger
Argot Partners
212.600.1902
david@argotpartners.com / claudia@argotpartners.com
Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com
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SOURCE Proteostasis Therapeutics, Inc.