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Pieris Pharmaceuticals Inc. (NASDAQ: PIRS) is a clinical-stage biotechnology company dedicated to developing novel Anticalin-based drugs. These drugs target specific disease pathways in innovative and transformative ways. The company's proprietary Anticalin proteins are engineered versions of human lipocalins, which naturally bind, store, and transport a wide range of molecules. This unique technology has been validated through clinical trials and partnerships with leading pharmaceutical companies.
Core Business and Products
Pieris specializes in creating a diverse pipeline of Anticalin-based therapeutics. Their current focus areas include:
- Immuno-Oncology: Multi-specifics tailored for the tumor micro-environment, such as PRS-344 targeting PD-L1 and 4-1BB, PRS-346 targeting CD228 and 4-1BB, and PRS-342 targeting GPC3 and 4-1BB.
- Respiratory Diseases: Inhaled Anticalin proteins to treat conditions like uncontrolled asthma, with ongoing projects such as elarekibep, an inhaled IL-4 receptor alpha inhibitor.
- Other Conditions: Including treatment for anemia through half-life-optimized Anticalin proteins.
Recent Achievements and Partnerships
Pieris continues to make significant strides in its research and development efforts. Despite recent setbacks such as AstraZeneca's decision to discontinue studies on elarekibep, Pieris is actively reassessing its corporate priorities and focusing on leveraging its strong partnerships with companies like Roche, Pfizer, Boston Pharmaceuticals, and Servier.
Financial Condition and Strategic Focus
As of June 30, 2023, Pieris reported cash, cash equivalents, and investments totaling approximately $54.9 million. The company has initiated a corporate restructuring to reduce workforce and operational costs, aiming to extend its cash runway. Pieris is also exploring strategic options, including new partnerships and potential acquisitions, to maximize shareholder value.
For more detailed information, visit www.pieris.com.
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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