Pieris Pharmaceuticals Collaborator Daiichi Sankyo Doses First Subject in a Phase 1 Clinical Study for Lead Partnered Anticalin Program

Pieris Pharmaceuticals, Inc.

, a biotechnology company advancing novel bio therapeutics through its proprietary Anticalin® technology platform, announced today that collaborator Daiichi Sankyo Company, Limited ("Daiichi Sankyo"), headquartered in Chuo Ward, Tokyo, dosed the first subject in a Phase I clinical study for the parties' lead partnered Anticalin program, also triggering an undisclosed milestone payment. The clinical trial is being conducted in the United States under an Investigational New Drug Application accepted by The U.S. Food and Drug Administration. "This is our first partnered Anticalin therapeutic protein to enter the clinical stage, which is a significant corporate achievement and represents the third Anticalin to be administered to man," commented Pieris Pharmaceuticals President and CEO, Stephen Yoder. "Our partnerships remain an importance source of continued validation of the Anticalin drug class, while generating milestone income to help support the progression of our proprietary pipeline." Under the terms of the parties' 2011 collaboration research and technology licensing agreement, Pieris has received an upfront license fee, committed research funding, payments for research and development services and milestone payments. Pieris is eligible to receive additional preclinical milestone payments for the parties' second preclinical program, as well as development and commercial milestones for each program. The partnership could encompass for Pieris more than EUR 100 million per program in license fees, funding and milestones, not including royalties on sales of certain Anticalin proteins resulting from the collaboration. Daiichi Sankyo will have exclusive commercialization rights worldwide for all such products.