Biotech Values

[DewDiligence]

PIRS reverse-merges with—(private)—Palvella Therapeutics:

https://www.accesswire.com/892031/palvella-therapeutics-and-pieris-pharmaceuticals-announce-definitive-merger-agreement

Pre-merger Pieris stockholders are expected to own approximately 18% of the combined company and pre-merger Palvella stockholders are expected to own approximately 82% of the combined company…

…Palvella Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases for which there are no FDA-approved therapies. Palvella is developing a broad pipeline of product candidates based on its patented QTORIN platform... Palvella's lead product candidate, QTORIN 3.9% rapamycin anhydrous gel (QTORIN rapamycin), is currently in clinical development for microcystic lymphatic malformations (microcystic LMs) and cutaneous venous malformations.

PIRS became a reverse-merger candidate when it terminated all clinical development a few months ago (#msg-174125472). The reason PIRS is getting as much as 18% of the equity in the combined company is that PIRS could yet receive milestone payments and royalties on drugs being developed by PFE and others.

A new Nasdaq symbol for (post-merger) Palvella has not yet been assigned.