Proteostatis's IPO Prices Well Below Expected Range, But Sells More Shares

Proteostasis Therapeutics Inc. said Thursday its initial public offering of 6.25 million shares priced at $8 a share, well below the expected per-share range of $12 to $14. The amount of shares the biopharmaceutical company sold was above the 3.85 million shares they had expected to sell, according to a regulatory filing out earlier this week. The company raised $50 million in its IPO, compared with expectations of $46.2 million to $53.9 million at the previously-expected number of shares and expected price range. Leerink Partners and RBC Capital Markets acted as joint book-running managers of the IPO. The stock is expected to being trading on Nasdaq Thursday, with the ticker symbol "PTI."