Proteostasis Therapeutics sets terms for upcoming IPO
February 03, 2016
Proteostasis Therapeutics, a biopharma focused on the discovery and development of therapeutics that treat diseases caused by an imbalance in the proteostasis network, has set a price range of $12 to $14 for its upcoming IPO; a mid-point pricing would raise about $50 million. A portion of the proceeds will be used to advance one of the company's treatments for cystic fibrosis into a Phase 1 clinical trial and through the completion of a Phase 2 clinical trial. Proteostasis Therapeutics has raised $126 million in VC from firms including New Enterprise Associates (17.1% pre-IPO stake), HealthCare Ventures (13.9%) and Novartis Bioventures (11.7%).