BOSTON, March 7, 2019 /PRNewswire/ -- Proteostasis Therapeutics, Inc. (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.
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.