SOUTH PLAINFIELD, N.J., April 20 /PRNewswire/ -- PTC Therapeutics,
Inc., announced today that it has withdrawn its S-1 registration statement,
previously filed with the Securities and Exchange Commission (SEC).
(Logo: http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO )
"Since we originally filed our S-1 last year, PTC has enjoyed
significant business development successes which have put us in a strong
financial position," said Stuart W. Peltz, Ph.D., President and Chief
Executive Officer of PTC Therapeutics. "Given that we have sufficient
capital to meet our planned needs and the fact that we expect important
clinical trial results within the next six months, we have decided to
postpone our IPO."
Dr. Peltz continued, "Our collaborations with Pfizer, CV Therapeutics
and Schering-Plough have allowed us to secure a total of $42M in up-front
payments. In addition, we have been awarded more than $20 million in
research grants and government contracts to fund our growing pipeline. With
three Phase 2 studies ongoing in genetic disorders for our most advanced
program, PTC124, and with our second most advanced program, PTC299, about
to enter Phase 1b clinical development in breast cancer, we are excited
about the coming year."
About PTC Therapeutics, Inc.
PTC is a biopharmaceutical company focused on the discovery and
development of orally administered, proprietary, small-molecule drugs that
target post-transcriptional control processes. Post-transcriptional control
processes regulate the rate and timing of protein production and are of
central importance to proper cellular function. PTC's internally-discovered
pipeline addresses multiple therapeutic areas, including genetic disorders,
oncology, and infectious diseases. In addition, PTC has developed
proprietary technologies and extensive knowledge of post-transcriptional
control processes that it applies in its drug discovery and development
activities, including the Gene Expression Modulation by Small-molecules
(GEMS) technology platform, which has been the basis for collaborations
with leading pharmaceutical and biotechnology companies such as Pfizer, CV
Therapeutics, and Schering-Plough.
SOURCE PTC Therapeutics, Inc.
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Related links:
http://www.ptcbio.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20010919/PTCLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Jane Baj of PTC Therapeutics, Inc.,
+1-908-222-7000, x167, or jbaj@ptcbio.com; or Sheryl Seapy of
Pure Communications, +1-949-608-0841, or
sheryl@purecommunicationsinc.com
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