Pieris Pharma (PIRS) Receives Milestone Related to GLP Toxicity Study Initiation

October 26, 2016 8:18 AM EDT

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Pieris Pharmaceuticals, Inc. (Nasdaq: PIRS) announced the achievement of a success-based milestone payment in its R&D collaboration with Daiichi Sankyo Company, Limited ("Daiichi Sankyo"), headquartered in Tokyo. Specifically, the milestone was triggered by Daiichi Sankyo's decision to initiate a GLP toxicity study in non-human primates. In 2014, Pieris transferred the program to Daiichi Sankyo, who is responsible for further development of the program. Beyond this program, Daiichi Sankyo is currently pursuing an additional Anticalin-based program (DS-9001, anti-PCSK9) for dyslipidemia, which is in the clinical stage of development.

"Today's news marks the ninth milestone payment within our collaboration with Daiichi Sankyo. In addition to the first program, DS-9001, this second program is reaching an exciting stage of development," commented Stephen Yoder, President and CEO of Pieris. "With our Anticalin drug discovery platform, we have been able to create value through several partnered programs, which complement our growing pipeline of highly differentiated proprietary product candidates in immuno-oncology, asthma and other indications in attractive markets."

Under the terms of the 2011 agreement, Pieris receives committed research funding and payments for the achievement of research, preclinical, regulatory and commercial milestones. The partnership could encompass for Pieris more than EUR 100 million per program in license fees, funding and milestones, not including royalties on sales from marketed Anticalin proteins resulting from the collaboration. Daiichi Sankyo will have exclusive marketing rights worldwide for all such products.

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