Proteostasis Therapeutics Inc (NASDAQ: PTI) is having a strong day in the market today, and for good reason. The company announced a change to its Board of Directors. As you could imagine, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The Board update;
- what we’re seeing from PTI stock as a result; and
- what we’ll be watching for ahead.
PTI Announces A Board Update
As mentioned above, Proteostasis Therapeutics is having an incredibly strong start to the trading session this morning after announcing a Board change.
In a press release issued early this morning, the company announced that Emmanuel Dulac, PharmD, Ph.D., and Kim Cobleigh Drapkin, CPA, have been appointed to its Board of Diretors.
In the release, PTI said that Dr. Dulac joined Alnylam Pharmaceuticals in August 2016 as CCO to establish the company’s global commercial organization. With over 20 years of international biotechnology and pharmaceutical industry experience, he knows the ins and outs of launching and marketing drugs on a global scale.
Also, Ms. Drapkin is the CFO at Jounce Therapeutics, Inc. Another high-level management member with over 20 years of experience, Drapkin has worked with private and publicly traded biotechnology companies, establishing financial infrastructure, raising capital and leading strategic financial planning.
In a statement, Meenu Chhabra, President and CEO at PTI, had the following to offer:
Emmanuel and Kim are seasoned life sciences leaders and we are fortunate to welcome them to PTI’s board of directors. Collectively, Emmanuel’s clinical development and commercial expertise, particularly in cystic fibrosis, and Kim’s experience working for a broad range of growing biotech companies, will provide PTI valuable insight as we approach multiple key data readouts of our proprietary combinations and add-on CF therapies.
The above statement was followed up by Dr. Dulac. Here’s what he had to say:
PTI is an emerging leader in cystic fibrosis, a disease area in which I have significant clinical, commercial background and personal connections. I’m excited to join the board and contribute to the development of these promising new treatment options for CF patients.
Finally, Ms. Drapkin had the following to offer:
I am pleased to be joining the PTI board of directors and I look forward to sharing my financial leadership experience with the other board members and the management team to support the strategic growth of the Company.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Proteostasis Therapeutics, the news proved to be positive. After all, two members with proven records have been added to the company’s Board of Directors. So, it’s not surprising to see that excited investors are sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currnetly (10:50), PTI is trading at $3.64 per share after a gain of $0.53 per share or 16.88% thus far today.
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What We’ll Be Watching For Ahead
Moving forwad, the CNA Finance team will continue to keep a close eye on PTI. In particular, we’re interested in seeing how the financial picture changes under the added guidance of Ms. Drapkin and improvements in commercialization plans with Dr. Dulac on the Board. Nonetheless, w’ell continue to follow the story closely and bring the news to you as it breaks!
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