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Fly News Breaks for July 29, 2019
AZN, PIRS
Jul 29, 2019 | 08:45 EDT
Pieris Pharmaceuticals (PIRS) will present Phase Ib safety and efficacy results with PRS-060, an inhaled IL-4R alpha inhibitor, at the upcoming European Respiratory Society International Congress, held September 28 through October 2, William Blair analyst Matt Phipps tells investors in a research note. The poster presentation to be presented on October 1 is titled, "Multiple ascending dose study of the inhaled IL-4Ra antagonist, AZD1402/PRS-060, in mild asthmatics demonstrates robust FeNO reduction and a promising clinical profile for the treatment of asthma," the analyst point out. In addition, AstraZeneca (AZN) plans to initiate a Phase II trial with AZD1402/PRS-060 in the second half of this year, according to its recent earnings presentation, adds Phipps. He views these updates as "very positive" for the upcoming presentation, and believes PRS-060 has "significant potential" in the treatment of asthma patients. Phipps keeps an Outperform rating on Pieris Pharmaceuticals.
News For PIRS;AZN From the Last 2 Days
PIRS
Mar 27, 2024 | 08:27 EDT
Pieris Pharmaceuticals (PIRS) provided a corporate update announcing a strategy to maximize its ability to capture the potential milestones from its 4-1BB bispecific Mabcalin protein immuno-oncology assets partnered with Pfizer (PFE), Boston Pharmaceuticals, and Servier. After considering an extensive range of options, the Company's Board of Directors decided to implement this new strategy along with relevant cost-saving measures that are expected to extend the Company's cash runway into 2027. The Company's strategic review process has focused on maximizing stockholder value, which includes the preservation of potential milestone and royalty payments the Company is eligible to receive. Management and the Board of Directors evaluated a broad spectrum of potential options, including asset in-licensing, out-licensing, royalty monetization, strategic transactions, and liquidation. With the assistance of the Company's retained strategic advisor, Stifel, Nicolaus & Company, more than 500 companies were contacted regarding a strategic transaction, and the Company underwent a robust process to identify and negotiate with a select number of final candidates. The Company entered into extended exclusivity with one party contemplating a strategic merger, which centered on that party's interest in developing the Company's clinical-stage asset cinrebafusp alfa, but after extensive diligence and negotiations, that counterparty was unable to secure adequate capitalization and offer acceptable terms. The Company ultimately determined that the Company's planned repositioning offers the best opportunity to maximize stockholder value. In support of optimizing potential milestones and royalties, the Company's strategic repositioning includes: A plan to maintain strategic capability by maintaining a lean and experienced Board and management profile to actively pursue the Company's strategy and consider strategic options; The discontinuation of all the Company's research and development efforts, which is expected to be completed by the middle of 2024; A workforce reduction that affects additional employees and the executive leadership team, expected to be implemented in the second quarter; A plan to reduce the size of the Company's Board of Directors, to be better aligned with the nature of the Company's continuing operations, also expected to be implemented in the second quarter. Since initiating the strategic review in July 2023, the Company implemented several steps, including scaling back operational costs, inclusive of associated headcount reductions, ceasing development of PRS-220 and PRS-400 within its respiratory franchise, and suspending investments associated with co-development of partnered assets. The Company has also eliminated its material long-term obligations through the previously disclosed termination of its lease obligation in Germany, while simultaneously continuing to improve its cash position through the sale of its laboratory and office equipment.