New Investment Round Led by OrbiMed Advisors, World's Largest Healthcare
FREISING-WEIHENSTEPHAN, Germany, March 27 /PRNewswire/ -- Pieris AG, a bio-pharmaceutical company developing Anticalins(R), a novel class of targeted human protein therapeutics, announced today the closing of a Series B financing round.
Led by new investor OrbiMed Advisors LLC, a major global fund dedicated to healthcare, together with Novo Nordisk A/S via Novo Nordisk Biotech Fund, Novo Nordisk's internal corporate venture fund, the EUR 25 million (US$ 38 million) financing enables the Company to progress its proprietary Anticalin(R) product portfolio and prioritise clinical development of its VEGF-modulating cancer product, PRS-050. All existing investors participated in this financing round, including Global Life Science Ventures, Gilde Healthcare Partners and Forbion Capital Partners.
Commenting on the announcement, Evert Kueppers, Chief Executive Officer of Pieris, said: "This financing event marks a significant milestone in the evolution of Pieris as a product-focused biopharmaceutical company. Having engaged renowned investors such as OrbiMed and Novo Nordisk, Pieris is now in the position to deliver on its strategy of developing Anticalins(R) as the next class of biopharmaceutical products. We welcome Michael Sheffery as a new member of the Supervisory Board and I am looking forward to working with him."
Michael Sheffery Ph.D., General Partner at OrbiMed Advisors stated: "Pieris has reached an exciting stage in its development, having focused its business to prioritise product development in areas fundamentally suited to its proprietary technologies. OrbiMed views this investment as highly significant at a time of enormous commercial interest in biologic therapies."
Hans A. Kuepper Ph.D., Chairman of Pieris' Supervisory Board and
Partner of Global Life Science Ventures, Germany, commented further:
|SOURCE Pieris AG|
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