Pieris Receives BMBF Grant to Fund PRS-110 c-Met Antagonist Anticalin® Program
Summary
Freising, Germany, February 7, 2012 — Pieris AG announced today the receipt of a EUR 1 million grant to support the development of the company’s proprietary PRS-110 compound targeting c-Met, a cellular receptor that plays a key role in cancer cell growth and metastasis. "This grant represents a validation of PRS-110’s potential as a powerful targeted cancer therapeutic and recognizes the progress we have achieved in moving the program closer to the clinic," stated Stephen Yoder, Chief Executive Officer of Pieris. Mr. Yoder added that Pieris has been invited to present preclinical results for PRS-110 at the upcoming American Association for Cancer Research (AACR) Annual Meeting being held March 31 to April 4, 2012. "Based on the strengths of companies like Pieris, we are developing the vision of the Munich Biotech Cluster as a model region for personalized and target-oriented medicine," commented Prof. Dr. Horst Domdey, Managing Director of BioM GmbH. "The BMBF’s Cluster grants will have a rapid effect on driving the success of innovation not only by providing funding, but also by encouraging collaborations between the leading companies and scientists in the area."