Public Equity Report: Palvella lands on NASDAQ via Pieris merger

As a slow season for financings continued this week, investors agreed to back a reverse merger that will bring Palvella’s pipeline to NASDAQ, while another biotech priced a follow-on.

A year after Pieris Pharmaceuticals Inc. (NASDAQ:PIRS) first announced a strategic review, the company is merging with Palvella Therapeutics Inc., a Wayne, Pa.-based developer of therapies for rare skin disorders. The merged company will retain Palvella’s name and prioritize development of Qtorin rapamycin to treat microcystic lymphatic malformations, cutaneous venous malformations, and other skin disorders associated with overactivation of the mTOR pathway. Palvella began a Phase III trial of the therapy this month to treat microcystic LMs...