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Pieris Pharmaceuticals Inc (NASDAQ:PIRS) shares are trading higher after the company provided a strategic update.
The company says the update follows recent events that have impacted its inhaled respiratory franchise, including AstraZeneca Plc's (NASDAQ:AZN) discontinuation of enrollment of the Phase 2a study for elarekibep.
AstraZeneca has now informed the company of its decision to terminate the parties' R&D collaboration agreement, hand back elarekibep, and discontinue the remaining discovery program.
Pieris' management and board of directors have assessed several strategic options, which will include focusing on execution of new or expanded partnerships to advance its therapeutic programs, including cinrebafusp alfa (PRS-343), PRS-220 and PRS-400.
While it explores potential transactions, Pieris will prioritize capital preservation, with cash, cash equivalents, and investments totaling approximately $54.9 million as of June 30, 2023.
As part of its cash preservation plan, Pieris initiated a corporate restructuring that will reduce the company's workforce by approximately 70%.
Pieris has retained Stifel, Nicolaus & Company Inc. as its exclusive financial advisor to evaluate a range of strategic options.
Price Action: PIRS shares are up 20.10% at $0.23 on the last check Tuesday.
