License/Partnership
Pieris AG Nets 38M in Series B Financing
Pieris AG announced today that it raised $38M USD in a series B financing round lead by OrbiMed Advisors LLC and NovoNordisk.
The funding will allow initiation of clinical development of its
VEGF-modulating cancer therapeutic, PRS-050. All existing investors
also participated in this financing round including Global Life Science Ventures, Gilde Healthcare Partners and Forbion Capital Partners.
The company uses what they call Anticalin technology. It is a
catchy trademark for a class of proteins found in bacteria and in
humans called lipocalins. They are a large and diverse group of small
proteins (or protein domains) that are responsible for shuttling
hydrophobic molecules and such around the cell (lipids and steroids).
The idea behind the company’s technology is that by modifying the
exposed loops at the end of each run of a 20kD-ish beta-barrel
structure, they can use the engineered protein like an anti-body by
tailoring these loops to antagonize any protein of interest.
They have already signed partnering deals with GE Healthcare for in vivo medical imaging applications as well as Syngenta AG
to develop asthma therapeutic. These partnerships are in addition to
their pre-IND PRS-050 candidate specifically designed to antagonize the
signaling of VEGF for the treatment of cancer.
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