Pieris Pharma jumps on job cut, strategic option plans

Palvella Therapeutics

18/07/2023 17:25

** Shares of biotech company Pieris Pharmaceuticals  PIRS.O 
rise 16.5% to 22 cents
    ** Co says it will explore strategic alternatives; PIRS
board on Monday approved a near 70% cut in staff, as per a
regulatory filing
    ** Says reduction in workforce to be substantially completed
in Q4 2023; expects to incur severance and other employee
termination-related costs of about $3.4 mln in Q3
    ** Plans to prioritize capital preservation; co had cash,
cash equivalents and investments of about $54.9 mln as of
June-end
    ** AstraZeneca PLC  AZN.L  on Monday notified co of intent
to terminate license and collaboration agreement of 2017
    ** AZN will terminate the R&D collaboration agreement, and
has asked PIRS to hand back experimental drug elarekibep
    ** AZN's decision to terminate based on elarekibep's lab
study data that showed lung tissue damage in non-human primates 
-  PIRS
    ** Including session moves, stock down ~79% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))