Big news in the world of rare genetic skin diseases—Pieris Pharmaceuticals Inc. (NASDAQ: PIRS) and Palvella Therapeutics have announced their merger. This all-stock transaction will see the combined company, operating under the name Palvella Therapeutics, focusing on developing and commercializing Palvella’s lead clinical product, QTORIN™ 3.9% rapamycin anhydrous gel.
This innovative gel is designed to treat microcystic lymphatic malformations, cutaneous venous malformations, and other debilitating skin diseases. The deal includes a substantial $78.9 million private financing from top healthcare investors, ensuring the new entity is well-funded to advance its clinical trials.
The merger isn’t just about combining resources; it’s a strategic move to bring breakthrough treatments to market faster. QTORIN™ rapamycin, derived from Palvella’s patented QTORIN platform, aims to tackle serious skin diseases by penetrating deep skin layers, offering local treatment with minimal systemic exposure.
With FDA designations like Breakthrough Therapy and Orphan Drug for microcystic lymphatic malformations, this product is on the fast track. Palvella has already seen promising results from its Phase 2 trials, with significant improvements in patients’ conditions. The merger, expected to close in late 2024, marks a significant milestone in the journey to provide much-needed therapies for rare genetic skin diseases. Exciting times ahead for Pieris and Palvella, and for patients awaiting new treatment options!
Additionally, Pieris Pharmaceuticals Inc. saw its stock price soar by 89.55% to close at 15.05, with an after-hours increase to 15.09. The trading day saw a range from 12.70 to 17.45, highlighting strong market interest. With a 52-week range of 6.20 to 41.76 and a market cap of 19.87M, the company’s recent activities have certainly caught the market’s attention.
