Proteostasis Cuts Price But Heads to Nasdaq After $50M IPO
Summary
It’ll begin trading on the Nasdaq this morning under the ticker symbol “PTI.” A glass-half-full approach would note that Proteostasis—a company still without a drug in clinical trials—actually made it to the public markets in what’s been a tough environment for biotech IPOs.Proteostasis was formed in 2008 with the help of a $45 million round from HealthCare Ventures, Fidelity Biosciences (now known as F-Prime Capital), New Enterprise Associates, Novartis Option Fund, and Genzyme.Vertex made history in 2012 with FDA approval of ivacaftor (Kalydeco), the first drug to treat not just the symptoms but also the underlying molecular abnormalities present in certain CF patients.With such combinations, Vertex wants to treat more CF patients with different genetic traits, and effectively dominate the treatment landscape.Proteostasis is essentially banking that the standard of care—Vertex’s current drugs, at least for certain subgroups of CF patients—will remain the same while it works its way through clinical trials.
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