July 24 (Reuters) - Pieris Pharmaceuticals Inc ( PIRS ):

* PALVELLA THERAPEUTICS AND PIERIS PHARMACEUTICALS ANNOUNCE

DEFINITIVE MERGER AGREEMENT

* PIERIS PHARMACEUTICALS INC ( PIRS ) - TO ISSUE SHARES OF PIERIS

COMMON

STOCK TO PRE-MERGER PALVELLA STOCKHOLDERS AS MERGER

CONSIDERATION

* PIERIS PHARMACEUTICALS INC ( PIRS ) - PALVELLA TO BECOME

WHOLLY-OWNED

UNIT OF CO

* PIERIS PHARMACEUTICALS ( PIRS ) - PRE-MERGER PIERIS STOCKHOLDERS

WILL OWN

ABOUT 18% OF COMBINED COMPANY

* PIERIS PHARMACEUTICALS ( PIRS ) - PRE-MERGER PALVELLA STOCKHOLDERS

WILL

OWN APPROXIMATELY 82% OF COMBINED COMPANY ON A PRO FORMA BASIS

* PIERIS PHARMACEUTICALS ( PIRS )- COMBINED COMPANY TO BE LED BY WES

KAUPINEN & OTHER MEMBERS OF PALVELLA MANAGEMENT TEAM

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