Sahm Adrangi's Kerrisdale Capital Issues Negative Report on Proteostasis Therapeutics, Inc., and Announces Conference-Call Schedule
- Kerrisdale believes that Proteostasis Therapeutics' investigational cystic-fibrosis drug, PTI-428, is ineffective and will fail future Phase 3 trials
- In PTI-428's Phase 2 study, the placebo group's small sample size and anomalously bad outcomes misleadingly make the treatment group's unimpressive results look good by comparison
- Kerrisdale believes that Proteostasis has repeatedly swept negative data points under the rug
NEW YORK, March 20, 2018 /PRNewswire/ -- Kerrisdale Capital, a private investment manager, has published a negative report explaining its short position in Proteostasis Therapeutics, Inc. (NASDAQ: PTI), a development-stage biopharmaceutical company whose market value is based primarily on PTI-428, its lead drug candidate for the treatment of cystic fibrosis. Proteostasis's stock price increased ~100% after the FDA granted the drug Breakthrough Therapy and Orphan Drug designations, but Kerrisdale's analysis demonstrates that PTI-428 is likely ineffective. Kerrisdale also details a pattern of low-quality data and troubling omissions in Proteostasis's public disclosures.
The full report can be found at http://kerr.co/pti.
Kerrisdale has a short position in Proteostasis Therapeutics, Inc., and stands to benefit if its share price falls.
Conference Call Schedule
Kerrisdale will host a conference call on Tuesday, March 20 at 10:30am ET to discuss the Proteostasis report.
To participate in the conference call, dial (866) 834-3313 (United States) or (409) 981-0700 (international) and reference the Kerrisdale Capital call.
About Kerrisdale Capital
Kerrisdale Capital Management, LLC, is a fundamentally-oriented investment manager that focuses on long-term value investments and event-driven special situations.
Contact
Agnes Cao
Kerrisdale Capital
[email protected]
212-257-4385
Kerrisdale Capital Management, LLC is a member of the Financial Industry Regulatory Authority, CRD number 160804.
SOURCE Kerrisdale Capital Management, LLC
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