PTC Therapeutics Withdraws IPO Registration Statement
SOUTH PLAINFIELD, N.J., April 20, 2007 -- PTC Therapeutics, Inc., announced today that it has withdrawn its S-1 registration statement, previously filed with the Securities and Exchange Commission (SEC).
"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.
CONTACT: Jane Baj of PTC Therapeutics, Inc., +1-908-222-7000, x167, or; or Sheryl Seapy of Pure Communications, +1-949-608-0841,or jbaj@ptcbio.com sheryl@purecommunicationsinc.com