Pieris raises 25M euros in financing round

Germany's Pieris AG, a bio-pharmaceutical company developing Anticalins, a novel class of targeted human protein therapeutics, has announced the closing of a series B financing round.

Led by new investor OrbiMed Advisors , a major global fund dedicated to health care, together with Novo Nordisk A/S via Novo Nordisk Biotech Fund, Novo Nordisk's internal corporate venture fund, the 25.0 million-euro ($38.5 million) financing enables Pieris to progress its proprietary Anticalin product portfolio and prioritize 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 news, Evert Kueppers, chief executive 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 as the next class of biopharmaceutical products."