PIRS - Pieris Pharma stock soars 17% on development plans for PRS-220 in lung disease; secures $17M grant

Pieris Pharmaceuticals (PIRS) jumps 17% premarket after announcing the development of PRS-220, an oral inhaled Anticalin protein targeting connective tissue growth factor, also known as CCN2, for the treatment of idiopathic pulmonary fibrosis ((IPF)).in addition, the Company has been selected to receive a €14.2M (~$17M) grant from the Bavarian Ministry of Economic Affairs, Regional Development and Energy for the R&D of PRS-220 for post-acute sequelae of SARS-CoV-2 infection pulmonary fibrosis (PASC-PF), also known as post-COVID-19 syndrome pulmonary fibrosis or "long COVID".Clinical development of the program for both indications is expected to begin in 2022. The grant is intended to support the evaluation of PRS-220 in PASC-PF beyond the intended IPF population, will support clinical-readiness activities and initial clinical development for the program.Pieris intends to present preclinical data for PRS-220 later this year, around which time the Company also plans to provide further program details in IPF and PASC-PF.

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Pieris Pharma stock soars 17% on development plans for PRS-220 in lung disease; secures $17M grant