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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.
Pieris Pharmaceuticals (PIRS) announced the presentation of preclinical data for PRS-220, a CTGF inhibitor for treating idiopathic pulmonary fibrosis (IPF), at the ERS International Congress 2021. The data highlights PRS-220's superior target engagement and lung penetration compared to a standard anti-CTGF antibody. Phase 1 studies are anticipated to begin next year. IPF impacts over three million patients globally, with limited treatment options.
Pieris Pharmaceuticals reported strong progress in its second quarter of 2021, advancing its pipeline while ending with a cash balance of over $119 million. Key highlights include the unveiling of PRS-220 for idiopathic pulmonary fibrosis (IPF) and a $17 million Bavarian government grant for post-COVID pulmonary fibrosis research. The company signed a collaboration agreement with Genentech, receiving a $20 million upfront payment and potential over $1.4 billion in future milestones. Despite a net loss of $15.5 million for the quarter, Pieris reiterated guidance for ongoing clinical studies.
Pieris Pharmaceuticals has appointed Tim Demuth, M.D., Ph.D., as Chief Medical Officer and promoted Shane Olwill, Ph.D., to Chief Development Officer. Dr. Demuth brings extensive experience in oncology drug development, having previously worked with Merck KGaA and Novartis AG. He will oversee clinical and regulatory efforts, while Dr. Olwill will lead translational activities. The company also granted Dr. Demuth stock options for 360,000 shares at $3.48 each. Both executives aim to progress Pieris' innovative therapies targeting respiratory diseases and immuno-oncology.
Pieris Pharmaceuticals (NASDAQ:PIRS) announced it will host an investor call on August 4, 2021, at 8:00 AM EDT, to discuss financial results and provide a corporate update for the second quarter of 2021. Participants can join via phone or through a webcast. A replay will be available on the company’s website. Pieris is focused on advancing its proprietary Anticalin technology platform to develop therapies for respiratory diseases and cancer.
Pieris Pharmaceuticals (NASDAQ:PIRS) announced the development of PRS-220, an oral inhaled Anticalin protein targeting CTGF for treating idiopathic pulmonary fibrosis (IPF). The company received a €14.2 million grant (approximately $17 million) from the Bavarian Ministry to evaluate PRS-220 for post-COVID-19-related pulmonary fibrosis (PASC-PF). Clinical development is set to begin in 2022. PRS-220 shows potential as a superior local treatment for these conditions.
Pieris Pharmaceuticals (NASDAQ:PIRS) announced that the FDA granted orphan drug designation to cinrebafusp alfa (PRS-343) for treating HER2-high and HER2-low expressing gastric cancers. This designation supports the development of therapies for conditions affecting fewer than 200,000 U.S. patients annually. The company is set to begin a phase 2 trial later this summer, aiming to combine cinrebafusp alfa with ramucirumab and paclitaxel. Orphan status provides various incentives, including market exclusivity and FDA support for clinical trial design.
Pieris Pharmaceuticals has entered a research collaboration with Genentech, receiving an upfront payment of $20 million and potential milestone payments exceeding $1.4 billion. The collaboration focuses on therapies for respiratory diseases and ophthalmological conditions, utilizing Pieris' proprietary Anticalin technology. Genentech will handle clinical development and commercialization, while Pieris will lead discovery and early preclinical development. This partnership marks Pieris’ second alliance in the respiratory space, emphasizing its commitment to inhaled biologics.
Pieris Pharmaceuticals (NASDAQ:PIRS) announced its participation in a fireside chat at the Jefferies 2021 Virtual Healthcare Conference on June 4, 2021, at 1:00 PM EDT. The webcast will be available here. The company focuses on novel biotherapeutics using its proprietary Anticalin® technology, targeting respiratory diseases and cancer. Their collaborations include partnerships with AstraZeneca and Seagen. For further details, visit www.pieris.com.
Pieris Pharmaceuticals (NASDAQ:PIRS) reported significant advancements with its biotherapeutics pipeline on May 17, 2021. The company initiated dosing for PRS-060/AZD1402 in a phase 2a study for asthma and plans to start a phase 2 study for cinrebafusp alfa (PRS-343) in gastric cancer this summer. Pieris secured a $10 million upfront payment from Boston Pharmaceuticals for a new collaboration on PRS-342 and may earn up to $353 million in milestones. Financially, Pieris reported a net loss of $4.2 million for Q1 2021, with cash reserves totaling $66.8 million.
Pieris Pharmaceuticals (NASDAQ:PIRS) will host a first quarter 2021 investor call on May 17, 2021, at 8:00 AM EDT. The call aims to discuss financial results and provide a corporate update. Participants can join by dialing 877-407-8920 (Toll-Free US & Canada) or 412-902-1010 (International). A listen-only audio webcast will also be available. A replay can be accessed through the company's website. Pieris specializes in developing Anticalin protein-based drugs for respiratory diseases and cancer.
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