Pieris Pharma slumps as partner AstraZeneca to stop asthma drug study

Palvella Therapeutics

21/06/2023 12:48

** Shares of biotech company Pieris Pharmaceuticals  PIRS.O 
down 60% at 36 cents before the bell
    ** Company says partner AstraZeneca  AZN.L  informed PIRS of
its decision to discontinue dosing in ongoing mid-stage trial
evaluating its experimental drug for treatment of asthma
    ** Decision was based on data from lab study which does not
support long-term development of the drug - PIRS
    ** Lab study data showed lung tissue damage in non-human
primates, which did not appear to be related to the drug, says
company
    ** PIRS will review the implications of the lab study data
and its overall priorities
    ** PIRS drug candidate, elarekibep, works by preventing
proteins that are responsible for a variety of inflammatory
responses in the lungs
    ** As of last close, PIRS down ~14% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))