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Proteostasis Therapeutics Shares Surge On Positive Preliminary Cystic Fibrosis Trial Results

Hannah Genig

Biotech Proteostasis Therapeutics Inc. (NASDAQ: PTI) develops therapeutics for the treatment of cystic fibrosis and associated disorders. The company’s lead product candidates are PTI-801 and PTI-808.

What Happened

Proteostasis shares were surging 300 percent on the announcement of positive preliminary results from three doublet cohorts of Phase 1 placebo-controlled studies in subjects with cystic fibrosis.

“In terms of safety, the compounds were generally well-tolerated. No pulmonary exacerbations were reported in the dosing or follow-up period of the study," Proteostasis said in a Wednesday press release. 

Why It’s Important

Proteostasis is exploring partnership opportunities, the biotech's CEO said in a statement. 

"As part of our evaluation of these next steps, we will expand our exploration of partnering opportunities across our product portfolio and in various geographies, with the goal of bringing the resources and expertise to bear on a platform with transformative potential in cystic fibrosis," said President and CEO Meenu Chhabra.

What’s Next

The first cohort of the triplet combination is on track for delivering preliminary data in 2018, with complete data available by the first quarter of 2019 and a Phase 3 on deck, according to Proteostasis. 

“In its totality, Proteostasis' clinical strategy is expected to inform a Phase 3 development path using PTI's proprietary product candidates either together and/or as add-ons to current standards of care. Based on the anticipated timing of study readouts across this portfolio of programs, the company expects to be in a position to initiate Phase 3 studies within the next 12-18 months.”

Proteostasis shares were up 277.15 percent at $7.13 at the time of publication Thursday.

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