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Pieris Restructuring Provides a Variety of Opportunities


Category: Job Candidates & Partnering opportunities

Opportunity: Job candidates - R&D, IP assets (Biopharma corp dev), Corp public biopharma listing

Company: Pieris Pharmaceuticals:

Product/Asset: PRS-343, PRS-220, & PRS-400

Issue: Restructuring & layoffs

Latest trigger event for Opp: PR July 18, 2023 & Q2 ‘23 report

Target Companies: Job recruiters and biopharma (corp dev)


Details:

Pieris is a clinical-stage biotechnology company that uses its proprietary Anticalin® technology platform to find treatments for respiratory diseases and cancer. On July 18, 2023, Pieris announced that AstraZeneca had decided to terminate the parties' R&D collaboration agreement and handed back elarekibep along with discontinuing the remaining discovery program. Pieris has now been assessing several strategic options, which includes focusing on finding new partnerships to advance its therapeutic programs:

  • cinrebafusp alfa (PRS-343)

⇨ Phase 1

⇨ Solid tumors

  • PRS-220

⇨ Phase 1

⇨ IPF

  • PRS-400

⇨ Preclinical

As a part of Pieris cash preservation plan, the company will reduce its workforce by approximately 70%. As a result of these layoffs, any company looking to expand and hire new employees with experience in the biopharma industry should keep an eye out for these applicants.



About Pieris Pharmaceuticals

Company Type: Public Company

Market Cap (7/21/23): $17,060,000

Location: Boston, Massachusetts

Cash (Q1 2023): $48,380,000

Burn rate/quarter: $-12,070,000

Technology Focus: Respiratory/inhalable proteins and immuno-oncology

Latest stage asset: Phase 1/2

Indications: Respiratory diseases and immuno-oncology

Key employees: BECOME A SUBSCRIBER


 

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Article History:

Originally posted 8/15/23 (RB)



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