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Proteostasis prices common stock offering

Proteostasis Therapeutics Inc. priced an underwritten public offering of 8 million common shares at $5 per share for expected gross proceeds of $40 million.

The company granted underwriters an option to buy up to an additional 1.2 million shares.

The offering is expected to close Dec. 18, subject to customary closing conditions.

Proteostasis plans to use net proceeds to advance studies of its double and triple combination therapies, as well as for working capital and other general corporate purposes.

Leerink Partners LLC and RBC Capital Markets LLC are acting as joint book-running managers for the offering, with H.C. Wainwright & Co. LLC as lead manager.