Item 1.02 Termination of a Material Definitive Agreement.

On January 20, 2020, ASKA Pharmaceutical Co., Ltd. ("ASKA") notified Pieris Pharmaceuticals, Inc. (the "Company") that it does not intend to exercise its option to obtain an exclusive license to develop and commercialize the Company's

PRS-080 drug candidate targeting hepcidin in Japan and certain other Asian markets territories under the February 27, 2017 Exclusive Option Agreement (the "Option Agreement") by and among ASKA, the Company and the Company's wholly-owned German subsidiary, Pieris Pharmaceuticals GmbH. ASKA's decision was based on a strategic portfolio review as well as certain commercial considerations. The term of the Option Agreement ended as of the date of ASKA's notification of its decision not to exercise its option rights. In view of the Company's strategic focus in immuno-oncology and respiratory diseases, including the continued development of PRS-343, PRS-344, and PRS-060, the Company does not intend to continue the development of PRS-080.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses