On October 12, 2017 Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS), a clinical-stage biotechnology company advancing novel biotherapeutics through its proprietary Anticalin technology platform for cancer, respiratory and other diseases, reported that it has appointed Ingmar Bruns, M.D., Ph.D., as Vice President of Clinical Development (Press release, Pieris Pharmaceuticals, OCT 12, 2017, View Source [SID1234520882]). Dr. Bruns is an accomplished physician and brings to Pieris a wealth of oncology and hematology experience, a deep science background, and a strong clinical development acumen.

“We are pleased to welcome Ingmar to the Pieris team at this time of rapid growth and advancement of key therapeutic programs into the clinic,” commented Louis Matis, M.D., Senior Vice President and Chief Development Officer. “His strong biomedical background, academic and industry networks, and track record in both research and clinical development bring exceptional value to the Company. We look forward to his leadership in advancing our lead immuno-oncology therapeutic, PRS-343, a HER2-CD137 first-in-class bispecific, as well as our other programs in immuno-oncology, respiratory and other diseases.”

Prior to joining Pieris, from 2013 through October 2017, Dr. Bruns led clinical development of several high priority oncology assets at Bayer Pharmaceuticals. Before his tenure at Bayer, Dr. Bruns served as an attending hematologist and oncologist as well as a basic, translational and clinical researcher at the University Hospital of Dusseldorf in Germany and Albert Einstein College of Medicine in New York. Dr. Bruns has authored over 50 papers in the field of hematology and oncology. He received his M.D. and Ph.D. from the University of Lubeck in Germany.

“I’m excited to join the dynamic Pieris team and look forward to contributing to the advancement of Pieris’ preclinical and clinical-stage Anticalin-based therapeutics into and through the clinic,” added Dr. Bruns. “In particular, the Company’s lead immuno-oncology program, PRS-343, a HER2-CD137 first-in-class bispecific, represents a potentially transformative therapy for a number of metastatic cancer patients without viable treatment options today.”

In connection with the hiring of Dr. Bruns, the Company’s Board of Directors authorized the grant to Dr. Bruns of a non-qualified stock option to purchase up to 175,000 shares of the Company’s common stock, effective as of the first day of his employment. The option grant is an inducement material to Dr. Bruns’ entering into employment with the Company in accordance with NASDAQ listing Rule 5635(c)(4). The option will have an exercise price corresponding to today’s closing price of Pieris stock, the fair market value of the Company’s common stock on the date of grant, and will vest as to 25% of the shares on the first anniversary of Dr. Bruns’ employment and as to an additional 6.25% of the shares per quarter thereafter for the following 12 quarters, provided that he continues to provide service to the Company on the applicable vesting dates. The option has a ten-year term and is subject to the terms and conditions of a stock option agreement.