Brief: Pieris Pharmaceuticals Initiated A Corporate Restructuring

Palvella Therapeutics

18/07/2023 14:27

July 18 (Reuters) - Pieris Pharmaceuticals Inc  PIRS.O :
    * PIERIS PHARMACEUTICALS INC -   INITIATED A CORPORATE
RESTRUCTURING THAT WILL RESULT IN A REDUCTION OF THE COMPANY’S
WORKFORCE BY ABOUT 70%
    * PIERIS PHARMACEUTICALS: ON JULY 17 ASTRAZENECA PROVIDED CO
WITH
NOTICE OF TERMINATION OF LICENSE AND COLLABORATION AGREEMENT,
DATED AS OF MAY 2, 2017
    * PIERIS PHARMACEUTICALS - TERMINATION WILL BE EFFECTIVE OCT
15 OR
90 DAYS FROM DATE ON WHICH ASTRAZENECA NOTIFIED CO OF INTENT TO
TERMINATE AGREEMENTS
    * PIERIS PHARMACEUTICALS - EXPECTS TO INCUR ESTIMATED
SEVERANCE
AND OTHER EMPLOYEE TERMINATION-RELATED COSTS OF ABOUT $3.4
MILLION IN Q3 2023
    * PIERIS PHARMACEUTICALS - TERMINATION WILL INCLUDE BOTH
ELAREKIBEP AND REMAINING ACTIVE DISCOVERY STAGE PROGRAM
    * PIERIS PHARMACEUTICALS - TO PRIORITIZE CAPITAL
PRESERVATION,
WITH CASH, CASH EQUIVALENTS, INVESTMENTS TOTALING ABOUT $54.9
MILLION AS OF JUNE 30, 2023
    * PIERIS PHARMACEUTICALS - POST TERMINATION DATE, CO WILL BE
FREE
TO CHOOSE TO FURTHER DEVELOP ITS ASSETS THAT WERE SUBJECT OF
AGREEMENTS
    * PIERIS PHARMACEUTICALS - WILL EVALUATE PROGRAMS AND ITS
RIGHTS
UNDER AGREEMENTS AND DETERMINE ITS STRATEGIC OPTIONS AFTER ITS
REVIEW
    * PIERIS PHARMACEUTICALS INC - WORKPLACE REDUCTION TO BE
SUBSTANTIALLY COMPLETED IN Q4 OF 2023
    * PIERIS PHARMA:ASTRAZENECA'S TERMINATION DECISION BASED ON
NON-CLINICAL SAFETY FINDINGS IN 13-WK TOXICOLOGY STUDY OF
ELAREKIBEP IN NON-HUMAN PRIMATES

Further company coverage:  PIRS.O 

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