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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