Pieris Raises $38M in Series B Financing Round
Summary
FREISING-WEIHENSTEPHAN, Germany, March 27 /PRNewswire/ -- Pieris AG, a bio-pharmaceutical company developing Anticalins®, a novel class of targeted human protein therapeutics, announced today the closing of a Series B financing round. Exploiting extensive know-how in protein engineering as part of a broad intellectual property portfolio, the Company applies a balanced risk business model to the development of Anticalin product candidates. Furthermore, compared to conventional antibodies Anticalins benefit from their small size (20 kDa), robust physicochemical properties and simple composition that together allow highly soluble and stable products to be manufactured from bacteria. As a next generation VEGF antagonist, PRS-050 exploits several favourable characteristics of Anticalins®, including compact protein structure, high intrinsic stability, broad formulation flexibility and small molecular size with the potential to penetrate neovascularized tumour tissue more effectively. Where appropriate, particularly within its venture capital activities, OrbiMed supports its invested companies in achieving strategic, financial and operational objectives via participation at the Board of Directors level.