DENVER, Colo., 24 July, 2024 (247marketnews.com) – (Nasdaq:PIRS) are discussed in this article.
Palvella Therapeutics, Inc., a prominent player in the realm of rare genetic skin disease treatments, and Pieris Pharmaceuticals Inc. (Nasdaq:PIRS) have announced a definitive merger agreement that is poised to shape a Nasdaq-listed entity with a strong focus on pioneering novel therapies for critical genetic skin conditions. This strategic merger is expected to catapult the combined entity into the limelight, boasting around $80.5 million in cash and cash equivalents post-closing, inclusive of a substantial $78.9 million garnered from a successful private financing round supported by esteemed healthcare investors.
The amalgamation is a significant leap forward, with Palvella’s flagship product candidate, QTORIN™ rapamycin, currently undergoing Phase 3 trials targeting microcystic lymphatic malformations under the FDA’s coveted Breakthrough Therapy Designation. If greenlit, QTORIN™ has the potential to be a groundbreaking FDA-approved therapy for microcystic lymphatic malformations and cutaneous venous malformations in the U.S. The merged entity, set to operate as Palvella Therapeutics, Inc., on The Nasdaq Capital Market, is expected to finalize the merger by the fourth quarter of 2024, pending customary closing conditions and shareholder approvals.
The upcoming webcast, jointly hosted by Palvella and Pieris Pharmaceuticals on Wednesday, July 24 at 8:30 am ET, promises to deliver a comprehensive briefing for stakeholders and investors on the merger’s intricacies and the innovative therapeutic advancements on the horizon. This union underscores the unwavering dedication of both entities towards pioneering treatments for individuals grappling with rare genetic skin ailments, marking a remarkable stride towards monumental clinical milestones and a conclusive step towards addressing the unmet needs of patient populations. Stay tuned for more updates as this groundbreaking merger progresses, promising a transformative chapter in the landscape of rare disease treatments.
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