Pieris Pharmaceuticals, Inc.
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Latest From Pieris Pharmaceuticals, Inc.
Restructuring Edition: FibroGen follows its clinical setback with a 32% reduction in force, cutting 104 jobs. Also, Amarin named a new CEO, but cut all US sales and 30% of non-sales US roles, and 9 Meters is headed for dissolution after Chapter 7 bankruptcy, while several others seek strategic alternatives.
The US biotech is hoping to either partner off its wholly owned pipeline or become a target for an acquisition or merger after AstraZeneca’s asthma exit left it with dwindling cash, and a need to cut costs.
Months after a disappointment in Duchenne muscular dystrophy, the US firm’s pamrevlumab has missed the mark in a pivotal idiopathic pulmonary fibrosis trial, boding poorly for other trials and forcing the firm to enter cost-cutting mode.
With a Phase II gastric cancer asset discontinued for financial reasons last year, the pipeline at Pieris is looking very bare now that AstraZeneca has discontinued a mid-stage trial of its asthma candidate elarekibep.
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