PIERIS PHARMACEUTICALS, INC. (NASDAQ:PIRS) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
| Entry into a Material Definitive Agreement. |
On February27, 2017, Pieris Pharmaceuticals, Inc. (the Company)
and Pieris Pharmaceuticals GmbH, a wholly-owned subsidiary of the
Company (together with the Company, Pieris), entered into an
Exclusive Option Agreement (the Option Agreement) with ASKA
Pharmaceutical Co., Ltd. (ASKA), to which ASKA will have an
exclusive option to obtain an exclusive license to develop and
commercialize Pieris PRS-080 drug candidate targeting hepcidin in
Japan and certain other Asian markets.
Under the terms of the Option Agreement, Pieris will receive an
option payment of $2.75million USD from ASKA. Following an
analysis period after completion of the planned Phase 2a study of
PRS-080 in dialysis-dependent anemia patients to be 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). Should
ASKA exercise the option, Pieris would be eligible for more than
$80million USD in combined option exercise fee and milestone
payments associated with development and commercialization of
PRS-080 in the first indication in Japan. Pieris may receive
further development milestones in additional indications, as well
as in other countries within the ASKA territory. Pieris may also
receive double-digit royalties on net sales of PRS-080 in the
licensed territory up to the mid- to high-teens.
The term of the
Option Agreement, including the option rights granted therein,
ends on the earlier of (i)ASKAs written notice to Pieris of ASKAs
decision not to exercise the option rights granted under the
Option Agreement, (ii)ASKAs failure to exercise its option rights
within sixty (60)days after the final results of the phase 2a
study are made available to ASKA, (iii)three (3) months from date
on which Pieris delivers to ASKA the final results of the phase
2a study in the European Union, or (iv)Pieris and ASKAs execution
of the definitive agreements granting ASKA licenses to develop
and commercialize PRS-080 in the Japan, South Korea and certain
other Asian countries as contemplated under the Option
Agreement.
The foregoing
description of the Option Agreement does not purport to be
complete and is qualified in its entirety by reference to the
Option Agreement, which Pieris intends to file as exhibits to its
Quarterly Report on Form 10-Q for the quarter ending March31,
2017. A copy of the press release announcing the Option Agreement
is attached to this Current Report as Exhibit 99.1 and is
incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits |
(d)Exhibits.
99.1 Press
Release, dated February27, 2017.
About PIERIS PHARMACEUTICALS, INC. (NASDAQ:PIRS)
Pieris Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company’s pipeline includes immuno-oncology multi-specifics tailored for the tumor micro-environment, an inhaled Anticalin to treat uncontrolled asthma and a half-life-optimized Anticalin to treat anemia. Its Anticalins proteins are a class of low molecular-weight therapeutic proteins derived from lipocalins, which are naturally occurring low-molecular weight human proteins typically found in blood plasma and other bodily fluids. It is focused on developing three drug candidates, which include PRS-080, PRS-060 and PRS-300 series. Its PRS-080 is an Anticalin drug candidate targeting hepcidin. The Company’s second Anticalin drug candidate, PRS-060, binds to the IL-4 receptor alpha-chain (IL-4RA), thereby inhibiting the actions of IL-4 and IL-13, two cytokines known to be mediators in the inflammatory cascade that causes asthma and other inflammatory diseases. PRS-343 is an Anticalin-based drug candidate. PIERIS PHARMACEUTICALS, INC. (NASDAQ:PIRS) Recent Trading Information
PIERIS PHARMACEUTICALS, INC. (NASDAQ:PIRS) closed its last trading session 00.00 at 1.92 with 207,464 shares trading hands.