Benzinga | Jun 25, 2021 09:18AM EDT

Pieris Stock Moves Higher On 14.2M Grant For PRS-220 In Post-COVID Pulmonary Fibrosis

* Pieris Pharmaceuticals Inc (NASDAQ:PIRS) has announced the development of PRS-220, an oral inhaled Anticalin protein targeting connective tissue growth factor to treat idiopathic pulmonary fibrosis (IPF).

* The Company will also receive a (euro)14.2 million (approximately $17 million) grant from the Bavarian Ministry of Economic Affairs, Regional Development, and Energy to research and develop PRS-220 for post-acute COVID-19 pulmonary fibrosis, also known as pulmonary fibrosis secondary to COVID-19 or "long COVID."

* Clinical development of the program for both indications is expected to begin next year.

* Price Action: PIRS shares are up 12.8% at $4.93 during the premarket session on the last check Friday.