03:35 PM EST, 12/13/2024 (MT Newswires) -- Palvella Therapeutics (PVLA) said Friday it has completed its merger with Pieris Pharmaceutical.

The merged entity will be named Palvella Therapeutics, with its shares set to start trading on the Nasdaq Capital Market under the ticker "PVLA" on Monday.

The clinical-stage biopharmaceutical company said it raised $78.9 million in a private placement co-led by BVF Partners and Frazier Life Sciences.

Following the merger, former Pieris stockholders own 11%, while former Palvella stockholders hold 89% of the combined company, the company said.