BOSTON, Dec. 22, 2020 /PRNewswire/ -- Proteostasis
Therapeutics, Inc. ("Proteostasis") (Nasdaq: PTI) announced
today that, based on the final vote count certified by the
inspector of elections at its reconvened special meeting of
stockholders held at 9:00 a.m. Eastern
Time on December 22, 2020 (the
"Special Meeting"), its stockholders approved all of the proposals
related to the merger (the "Merger") as contemplated by the
Agreement and Plan of Merger and Reorganization, dated August 22, 2020, as amended, by and among
Proteostasis, Yumanity Holdings, LLC ("Holdings"), Yumanity
Therapeutics, Inc. ("Yumanity"), a wholly-owned subsidiary of
Holdings, and Pangolin Merger Sub, a wholly-owned subsidiary of
Proteostasis ("Merger Sub") (the "Merger Agreement"), including (i)
the issuance of Proteostasis common stock in the Merger in
accordance with the terms of the Merger Agreement; (ii) a reverse
stock split of Proteostasis common stock, at a ratio of one new
share for every 20 to 30 shares outstanding, with the exact ratio
and effective time of the reverse stock split to be determined by
the Proteostasis board of directors and publicly announced by press
release; and (iii) an amendment to the Proteostasis certificate of
incorporation to effect the change of name from "Proteostasis
Therapeutics, Inc." to "Yumanity Therapeutics, Inc." Also approved
was the compensation that will or may become payable by
Proteostasis to its named executive officers in connection with the
Merger, on a non-binding advisory vote basis.
Proteostasis' Board of Directors has determined to effect a
reverse stock split of the Proteostasis common stock at a ratio
of 1-for-20. Therefore, every 20 shares of Proteostasis
common stock issued and outstanding immediately prior to the
effective time of the reverse stock split will automatically be
combined at the effective time into one fully paid and
nonassessable share of Proteostasis common stock. The reverse stock
split is expected to become effective at 12:00 p.m. Eastern Time on December 22, 2020.
Subject to the satisfaction of customary closing conditions, the
Merger is expected to close shortly following the effectiveness of
the reverse stock split. Assuming effectiveness of the reverse
stock split and closing of the Merger, Proteostasis will be renamed
Yumanity Therapeutics, Inc. and Yumanity's common stock will
commence trading on the Nasdaq Capital Market on a post-reverse
stock split basis under the new symbol "YMTX" on, December 23, 2020. The CUSIP number for
Yumanity's common stock will be 98872L 102.
About Yumanity Therapeutics
Yumanity Therapeutics is a
clinical-stage biopharmaceutical company dedicated to accelerating
the revolution in the treatment of neurodegenerative diseases
through its scientific foundation and drug discovery platform. The
Company's most advanced product candidate, YTX-7739, is currently
in Phase 1 clinical development for Parkinson's disease. Yumanity's
drug discovery platform is designed to enable the Company to
rapidly screen for potential disease-modifying therapies by
overcoming toxicity of misfolded proteins in neurogenerative
diseases. Yumanity's pipeline consists of additional programs
focused on Lewy body dementia, multi- system atrophy, amyotrophic
lateral sclerosis (ALS or Lou
Gehrig's disease), frontotemporal lobar dementia (FTLD), and
Alzheimer's disease.
For more information, please visit www.yumanity.com.
About Proteostasis Therapeutics, Inc.
Proteostasis Therapeutics, Inc. is a clinical stage
biopharmaceutical company headquartered in Boston, MA. For more information,
visit www.proteostasis.com.
Forward Looking Statements
This press release contains forward-looking statements based
upon Yumanity's and Proteostasis' current expectations.
Forward-looking statements involve risks and uncertainties, and
include, but are not limited to, the timing of the closing of the
Merger, the satisfaction of the conditions to closing the Merger,
including the consummation of the reverse stock split and
commencement of trading on the Nasdaq Capital Market under the
symbol "YMTX"; the timing and results of planned preclinical
studies or clinical trials of Yumanity's product candidates; the
continued development of Yumanity's clinical pipeline; the nature,
strategy and focus of the combined company; the development and
commercial potential and potential benefits of any product
candidates of the combined company; Yumanity having sufficient
resources to advance its pipeline; and other statements that are
not historical fact. Actual results and the timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation: (i) the risk that the conditions to
the closing of the proposed Merger are not satisfied; (ii)
uncertainties as to the timing of the consummation of the proposed
Merger and the ability of each of Proteostasis and Yumanity to
consummate the transaction; and (iii) other risks and uncertainties
are more fully described in periodic filings with the Securities
and Exchange Commission (the "SEC"), including the factors
described in the section titled "Risk Factors" in Proteostasis'
definitive proxy statement/prospectus/information statement, filed
with the SEC on September 23, 2020,
and in other filings that Proteostasis makes and will make with the
SEC in connection with the proposed transactions. You should not
place undue reliance on these forward-looking statements, which
apply only as of the date of this press release. Proteostasis and
Yumanity expressly disclaim any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in its
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
Yumanity Contacts
Investors:
Burns
McClellan, Inc.
John Grimaldi
jgrimaldi@burnsmc.com
(212) 213-0006
Media:
Burns McClellan, Inc.
Ryo Imai / Robert Flamm, Ph.D.
rimai@burnsmc.com / rflamm@burnsmc.com
(212) 213-0006
Proteostasis Contacts
Investors:
David Pitts / Claudia Styslinger
Argot Partners
212.600.1902
david@argotpartners.com / claudia@argotpartners.com
Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com
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SOURCE Proteostasis Therapeutics, Inc.
