Proteostasis Therapeutics, Inc. (NASDAQ:PTI) Files An 8-K Termination of a Material Definitive Agreement
Item1.02
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Termination of Material Definitive Agreement. |
On December 5, 2016, Proteostasis Therapeutics, Inc. (the
Company) received notice from Biogen Idec New Ventures Inc.
(Biogen) of Biogens termination, effective as of December 6,
2016, of the Collaborative Research, Development,
Commercialization and License Agreement (Collaboration Agreement)
between the Company and Biogen, effective December 5, 2013 (the
Collaboration).
Under the Collaboration, the Company and Biogen collaborated to
research, develop and commercialize licensed products to attack
toxic proteins implicated in the development of Alzheimers and
Parkinsons diseases. In connection with the Collaboration, the
Company received from Biogen an initial upfront payment and an
equity investment as well as research and development expense
reimbursements. Additionally, the Company also received a
milestone payment of $2.0 million for achieving an initial
preclinical milestone on July 2014. Following the termination, no
future research and development expense reimbursements,
milestones or royalties are payable under the Collaboration
Agreement.
Biogen terminated the Collaboration Agreement under section
12.2(b)(i)(B) of the Collaboration Agreement, which provides a
termination right if at least one lead compound has not met
established minimum criteria for Biogen to proceed to designate a
compound as a candidate for further development.Following the
termination, all licenses granted by either party to the other
under the Collaboration Agreement terminate.In addition, the
exclusivity provisions in the Collaboration Agreement terminate
and each party will be free to research, develop and
commercialize products that modulate the target (USP14) either by
themselves or with third parties, subject to the intellectual
property rights of the other party.
Item7.01 |
Regulation FD Disclosure. |
Spokespersons of the Company plan to present the information in
the presentation slides attached hereto as Exhibit 99.1.
The furnishing of the attached presentation is not an admission
as to the materiality of any information therein. The information
contained in the slides is summary information that is intended
to be considered in the context of more complete information
included in the Companys filings with the U.S. Securities and
Exchange Commission, or the SEC, and other public announcements
that the Company has made and may make from time to time by press
release or otherwise. The Company undertakes no duty or
obligation to update or revise the information contained in this
report, although it may do so from time to time as its management
believes is appropriate. Any such updating may be made through
the filing of other reports or documents with the SEC, through
press releases or through other public disclosures. For important
information about forward looking statements, see the slide
titled Safe Harbor and Disclaimer in Exhibit 99.1 attached
hereto.
The information in this Item7.01 of this Current Report on Form
8-K and Exhibit 99.1 attached hereto shall not be deemed filed
for purposes of Section18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities of that
section or Sections 11 and 12(a)(2) of the Securities Act of
1933, as amended. The information contained in this Item7.01 and
in the presentation attached as Exhibit 99.1 to this Current
Report shall not be incorporated by reference into any filing
with the SEC made by the Company, whether made before or after
the date hereof, regardless of any general incorporation language
in such filing, except as expressly set forth by specific
reference in such filing.
Item9.01 |
Financial Statements and Exhibits. |
(d) Exhibits.
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Presentation slides, furnished herewith. |
About Proteostasis Therapeutics, Inc. (NASDAQ:PTI)
Proteostasis Therapeutics, Inc. is a biopharmaceutical company. The Company is engaged in discovery and development of therapeutics that treat diseases caused by an imbalance in the proteostasis network, a set of pathways that control protein biosynthesis, folding, trafficking and clearance. It has developed the Disease Relevant Translation (DRT) technology platform, a drug screening approach for identifying highly translatable therapeutics based on predictive and functionally pertinent phenotypic assays and disease relevant models. Using this platform, it has identified a new class of small molecules, amplifiers that modulate proteins in the proteostasis network. It is developing and intend to commercialize its lead amplifier of CFTR protein, PTI-428, to improve CFTR protein function. It also focuses on developing PTI-NC-733, PTI-130, Usp14 program and unfolded protein response (UPR) program. PTI-130 is a small molecule amplifier. Proteostasis Therapeutics, Inc. (NASDAQ:PTI) Recent Trading Information
Proteostasis Therapeutics, Inc. (NASDAQ:PTI) closed its last trading session down -0.06 at 11.07 with 56,873 shares trading hands.