Palvella Therapeutics completed the merger with Pieris Pharmaceuticals.

Palvella Therapeutics, a biotechnology company specializing in developing and commercializing medicines for patients with rare dermatological diseases, completed the merger with Pieris Pharmaceuticals, a clinical-stage biotechnology company advancing respiratory and cancer treatments. Based on the final exchange ratio of approximately 0.30946 shares of Pieris common stock for each share of Palvella common stock, at the closing of the merger, there are approximately 13.95 million shares of the combined company's common stock outstanding on a diluted basis, with prior Pieris stockholders owning approximately 11% on a diluted basis and prior Palvella stockholders (including investors in the private placement) holding approximately 89% of the combined company's outstanding common stock on a diluted basis. "We are pleased to announce our merger with Pieris, allowing Palvella to become a publicly traded company and pursue our vision of becoming the leading rare disease company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases," Wes Kaupinen, Palvella Founder and CEO.