Pieris Pharmaceuticals prices IPO at $2.75

Pieris Pharmaceuticals, which is developing a therapy for iron deficiency in anemic patients with chronic kidney disease, raised $25 million by offering 9.1 million shares at $2.75, below yesterday's closing price of $3.26 on the OTC Market. Pieris Pharmaceuticals will begin trading on the NASDAQ today under the symbol PIRS. Oppenheimer & Co. and JMP Securities acted as lead managers on the deal.