On January 20, 2020, ASKA Pharmaceutical Co., Ltd. (“ASKA”) notified Pieris Pharmaceuticals, Inc. (the “Company”) that it does not intend to exercise its option to obtain an exclusive license to develop and commercialize the Company’s PRS-080 drug candidate targeting hepcidin in Japan and certain other Asian markets territories under the February 27, 2017 Exclusive Option Agreement (the “Option Agreement”) by and among ASKA, the Company and the Company’s wholly-owned German subsidiary, Pieris Pharmaceuticals GmbH. ASKA’s decision was based on a strategic portfolio review as well as certain commercial considerations. The term of the Option Agreement ended as of the date of ASKA’s notification of its decision not to exercise its option rights. In view of the Company’s strategic focus in immuno-oncology and respiratory diseases, including the continued development of PRS-343, PRS-344, and PRS-060, the Company does not intend to continue the development of PRS-080.

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.