PIRS - Pieris to get $5M as Seagen starts dosing in phase 1 trial of cancer drug

• Boston-based Pieris Pharmaceuticals ( NASDAQ: PIRS ) said it achieved a $5M milestone from Seagen after the Bothell, Wash.-based company dosed the first patient in a phase 1 trial of cancer drug SGN-BB228 (PRS-346).
• The Seagen-sponsored phase 1 study is evaluating the safety and tolerability of SGN-BB228 in patients with advanced melanoma and other solid tumors.
• The program is one of three ongoing immuno-oncology programs with Seagen. Pieris has an opt-in option to a U.S. co-promotion for one program in the collaboration, the company added.
• "This is a very important milestone in our alliance with Seagen as it marks the first clinical start within that collaboration and furthers the progress of the 4-1BB platform in immuno-oncology," said Pieris President and CEO Stephen Yoder.
• PIRS +1.56% to $1.3 premarket

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