Pieris AG, a Freising-Weihenstephan, Germany-based clinical-staged biotechnology company, received a €1m grant from the German Federal Ministry for Education and Research (Bundesministerium für Bildung und Forschung – BMBF).
The company intends to use the funding for the development of its 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.
Led by CEO Stephen Yoder, Pieris is advancing proprietary technology (Anticalin®) to create differentiated drugs that are safer and more effective than conventional approaches. The company’s 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, Pieris has signed four discovery and development collaborations: Daiichi Sankyo, Takeda San Francisco, the Sanofi Group and Allergan.
Pieris is backed by OrbiMed Advisors and Global Life Science Ventures.