Pieris Pharmaceuticals (NASDAQ: PIRS) this morning announced that it has granted ASKA Pharmaceutical Co., Ltd. an exclusive option to license development and commercial rights to Pieris’ anemia drug, PRS-080, in Japan and certain other Asian markets following completion of a multi-dose phase 2a study in dialysis-dependent anemia patients. Per the agreement, Pieris will immediately receive an option payment of $2.75 million. Following an analysis period after the completion of the planned phase 2a study conducted by Pieris, ASKA may exercise its option to obtain an exclusive license to develop and commercialize PRS-080 in Japan, South Korea and certain other Asian markets (excluding China). If ASKA exercises this option, Pieris would be eligible for more than $80 million in combined option exercise fees and milestones associated with the development and commercialization of PRS-080 in the first indication in Japan. Pieris has completed dosing of all patients in a phase 1b study in chronic kidney disease (CKD) patients on hemodialysis and will next pursue a multi-dose, phase 2a study in the same patient population, which is scheduled for completion in the second half of 2017. “Importantly, this deal enables us to invest in improving drug manufacturing efficiencies while conducting our Phase 2a trial to enable seamless drug supply for future clinical studies by ASKA and other partners we may seek in other territories, as we focus our proprietary pipeline in immunology-related areas for long-term value creation,” Pieris president and CEO Stephen Yoder stated in the news release.
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About Pieris Pharmaceuticals
Pieris Pharmaceuticals is a clinical-stage biotechnology company that discovers and develops Anticalin-based drugs to target validated disease pathways in a unique and transformative way. The company’s pipeline includes immuno-oncology multispecifics tailored for the tumor micro-environment, 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 protein 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.
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