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Palvella Therapeutics and Pieris Pharmaceuticals have announced a definitive merger agreement to create a Nasdaq-listed, clinical-stage biopharmaceutical company. The combined entity will focus on developing novel treatments for rare genetic skin diseases, particularly QTORIN™ 3.9% rapamycin anhydrous gel for microcystic lymphatic malformations (LMs) and cutaneous venous malformations.
Key points:
- Expected $80.5 million in cash at closing, including $78.9 million from private financing
- Cash runway into second half of 2027
- Funding through multiple clinical trial milestones
- QTORIN™ rapamycin has FDA Breakthrough Therapy and Fast Track Designations
- Merger expected to close in Q4 2024, subject to approvals
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