Pieris Receives BMBF Grant to Fund PRS-110c-Met Antagonist Anticalin(R) Program
FREISING, Germany, February 7, 2012 /PRNewswire/ –
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. The goal of the
funded research will be to delineate a biomarker strategy for early clinical development
and to aid in the progression of a personalized medicine approach with PRS-110.
“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. “We
believe we have developed a ‘best in class’ drug candidate that rivals other advanced
targeted therapies addressing the c-Met pathway based on PRS-110′s monovalent mode of
target engagement and positive develop ability profile.”
Mr. Yoder added that Pieris has been invited to present preclinical results
forPRS-110at the upcoming American Association for Cancer Research (AACR) Annual Meeting
being held March 31 to April 4, 2012.
The PRS-110 grant is made possible by the BMBF (Bundesministeriumfuer Bildung und
Forschung or German Federal Ministry for Education and Research) Leading Edge Cluster
program, which endows grants totaling up to EUR 200 million. The Munich Biotech Cluster, a
winner of the BMBF’s Cluster Competition in 2010, has brought together a consortium of
biomedical companies and academic institutions under the objective: “m4 – Personalized
Medicine and Targeted Therapeutics”. The grant, managed by BioM, will match Pieris’
funding of the PRS-110 project by underwriting the company’s internal efforts and
collaborative research from additional companies and academic institutions.
“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.”
Anticalins are therapeutic proteins derived from human lipocalins, rationally
engineered to solve for the pharmacological and pharmaceutical limitations of both protein
and non-protein based drug platforms.
Pieris AG is an independent, clinical-staged biotechnology company advancing its
proprietary Anticalin(R) technology to create differentiated drugs that are safer and more
effective than conventional approaches. Exclusive to Pieris, Anticalin-based drugs promise
to address high-unmet medical needs and expand the therapeutic potential of current
targeted approaches. Pieris’ pipeline ranges from its lead compound, PRS-050 (anti-VEGF,
oncology) that recently completed a Phase I clinical trial, to multiple Anticalins in
preclinical development across a range of therapeutic areas. To date, the company has
signed four discovery and development collaborations: Daiichi Sankyo, Takeda San
Francisco, the Sanofi Group and Allergan. Privately held, Pieris has been funded by
premier biotechnology-focused venture capital, including lead investors OrbiMed Advisors
and Global Life Science Ventures. For more information, please visit:
About Munich Biotech Cluster
The m4 Leading Edge Cluster is a joint biotech initiative across Greater Munich that
pools the strengths of hospitals and scientific institutes, biotech and pharmaceutical
companies and the cluster management company BioM.
Anticalin(R), Anticalins(R) are registered trademarks of Pieris AG.
For further information, please contact: Stephen Yoder, CEO Pieris AG or Gretchen Schweitzer +49-172-861-8540 firstname.lastname@example.org
Additional information is available at http://www.pieris-ag.com.
SOURCE Pieris AG