June 5, 2020

Proteostasis Therapeutics Announces Q1 2020 Financial Results

Proteostasis Therapeutics has announced the company’s Q1 2020 financial results ended on March 31, 2020. The company has said that it had recorded a net loss of $9.9 million in the Q1 2020 as compared to $14.4 million in the previous quarter. The company said that it had recorded no revenues in the Q1 2020 as compared to the $5 million for the past quarter.

The company has spent research and development expenses up to $6.5 million as compared to $16.1 million in the past quarter. The administrative and general expenses of the company reached to $3.6 million as compared to $3.9 in the previous quarter.

The company stated that the Short-term investment and Cash, Cash equivalent of the company reached $57.1 million in the Q1 2020 as compared to the previous financial quarter of December 31, 2019. However, the company believed that its cash, cash equivalent and short-term investment is sufficient for the company’s operation in the second half of 2021.

President and Chief Executive Officer of Proteostasis Therapeutic, Meenu Chhabra said, “The COVID-19 pandemic exacerbates the needs and anxieties of the CF community, and has further intensified our dedication to bringing more treatment choices to patients with CF.”

“We are utilizing traditional and novel study approaches to develop our new, proprietary CFTR modulators – posenacaftor, dirocaftor and nesolicaftor – for rare and common CF mutations.” Added Meenu.

“In recent months, we have met with regulators in Europe to advance our goal of initiating the first large, personalized medicine study in CF: CHOICES. Employing theratyping, this study will use a laboratory assay to match our CFTR modulators to individual CF patients regardless of their CFTR genotype.  This has the potential to increase access to treatment options and optimize the risk-benefit and cost-effectiveness for patients treated with CFTR modulators,” further added company’s president Meenu Chhabra.