BOSTON, MA -- (Marketwired) -- 06/12/17 -- Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS), a clinical-stage biotechnology company advancing novel biotherapeutics through its proprietary Anticalin® technology platform for cancer, respiratory and other diseases, announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, has expired with respect to its collaboration with AstraZeneca to develop and commercialize Anticalin proteins for the treatment of respiratory diseases. The collaboration includes PRS-060, Pieris' Anticalin protein targeting IL-4 receptor alpha as well as four additional therapeutic programs against undisclosed targets. AstraZeneca will make upfront and near-term milestone payments to Pieris in the amount of $57.5 million.
Pieris retains options to co-develop and co-commercialize PRS-060 and two of the four additional therapeutic programs in the United States. Pieris is eligible to receive development and sales milestone payments not exceeding $2.1 billion. For co-developed programs, Pieris is also eligible to receive increased royalties or a gross margin share of profits, depending on the level of Pieris' co-development investment.
Pieris previously announced further details regarding its collaboration with AstraZeneca in a May 3, 2017 press release and investor call. The press release and details regarding access to a replay of the call are available at www.pieris.com.
About Pieris Pharmaceuticals :
Pieris is a clinical-stage biotechnology company that discovers and develops Anticalin® protein-based drugs to target validated disease pathways in a unique and transformative way. Our pipeline includes immuno-oncology multi-specifics tailored for the tumor microenvironment, an inhaled Anticalin protein to treat uncontrolled asthma and a half-life-optimized Anticalin protein to treat anemia. Proprietary to Pieris, Anticalin proteins are a novel class of therapeutics validated in the clinic and by partnerships with leading pharmaceutical companies. Anticalin is a registered trademark of Pieris. For more information, visit www.pieris.com.
Forward Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to novel technologies and methods; our business and product development plans; the timing and progress of our studies, our liquidity and ability to fund our future operations; our ability to achieve certain milestones and receive future milestone or royalty payments; or market information. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, our ability to raise the additional funding we will need to continue to pursue our business and product development plans; the inherent uncertainties associated with developing new products or technologies and operating as a development stage company; our ability to develop, complete clinical trials for, obtain approvals for and commercialize any of our product candidates; competition in the industry in which we operate and market conditions. These forward-looking statements are made as of the date of this press release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents we file with the SEC available at www.sec.gov, including without limitation the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and the Company's Quarterly Reports on Form 10-Q.
Contacts at Pieris:
Pieris Pharmaceuticals, Inc.
Acting Chief Financial Officer
Investor Relations Contact:
The Trout Group
Source: Pieris Pharmaceuticals, Inc.