Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS), a clinical-stage biotechnology company committed to the discovery and development of Anticalinbased drugs that target validated disease pathways, announced that it is part of a multi-program research collaboration and license agreement with Genentech. PIRS stock price surged immensely adjacent to the news.
Pieris Pharmaceuticals Inc. (PIRS) shares were rising 44.86% to trade at $2.68 in the current market trading today. In the past 12 months, the company’s stock has retreated -39.74%, and in the last week, the stock has moved down -3.65%. PIRS’s stock closed the last session at $1.85.Shares of the company were fluctuating between $1.84 and $1.96. Furthermore, the company has a current market of $112.81 million and its outstanding shares stood at 56.30 million.
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Genentech is a member of the Roche Group which specializes to discover, produce and commercialize locally delivered respiratory and ophthalmology therapies that use Pieris’ proprietary Anticalintechnology.
The research collaboration will allow Pieris to leverage its revolutionary discovery engine with Genentech’s targets, as well as its preclinical and clinical development skill, to generate unique therapies to treat respiratory and ophthalmological disorders. The emphasized upon areas of the collaboration are complementary in nature and provide several advantages offered by the compact size of Anticalin proteins when delivered locally.
In accordance to the terms and conditions of the agreement, Pieris will obtain $20 million as an upfront payment and can potentially be eligible to get more than $1.4 billion in additional milestone payments among several programs, as well as receive royalties for commercialized programs.
Pieris objective will be inclusive of discovery research and early preclinical development of the trials and program, and Genentech will use its skillset for IND-enabling activities, clinical development, and commercialization of the trials and programs. Genentech will also consist of the option to select excessive targets in return for an optional exercise fee. The collaboration is not inclusive of any of Pieris’ internal programs
This collaboration helps to further extent partnered efforts in respiratory diseases and initiates a new direction for Anticalin technology to for potentially producing patient benefit from local biological effects.
PIRS collaboration with Genentech surpassed investor expectation with PIRS stock prince increasing immensely at current trading. Furthermore, potential eligibility for capital within the range of $1.4B has further increased interest for Pieris Pharmaceuticals, Inc.