Mr. Korenberg is a seasoned executive with significant operational and financial leadership experience, including senior roles at Ligand Pharmaceuticals (NASDAQ: LGND) and in healthcare investment banking at Goldman Sachs
WAYNE, Pa., Oct. 17, 2024 (GLOBE NEWSWIRE) — Palvella Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases for which there are no FDA-approved therapies, today announced the appointment of Matthew E. Korenberg as Chief Financial Officer, effective immediately. Mr. Korenberg is a seasoned operational and financial leader with more than 27 years of senior executive experience in biotech companies and healthcare investment banking. Throughout his career, he has focused on capital raising, partnering and licensing deals, acquisitions, as well as overseeing public company operations related to investor relations and public reporting.
“I am thrilled to welcome Matt to the Palvella senior leadership team. Matt’s proven track record in public company corporate finance and strategy, operations, and capital markets will be instrumental to Palvella as we advance our rare disease pipeline and progress our lead product candidate QTORIN™ rapamycin to potential regulatory approvals and U.S. commercialization,” said Wes Kaupinen, Founder and Chief Executive Officer of Palvella. “We look forward to Matt’s significant contributions as we work towards achieving our vision of becoming the leading rare disease company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases.”
Mr. Korenberg joins Palvella from Ligand Pharmaceuticals Inc. (NASDAQ: LGND), where he served as President and Chief Operating Officer since 2022 and Chief Financial Officer from 2015 to 2022. Prior to Ligand Pharmaceuticals, Mr. Korenberg was the founder, Chief Executive Officer, and a director of NeuroCircuit Therapeutics, a company focused on developing drugs to treat genetic disorders of the brain with an initial focus on Down syndrome. Mr. Korenberg previously served as a Managing Director and member of the healthcare investment banking team at The Goldman Sachs Group from 1999 to 2013. During his 14-year tenure at Goldman Sachs, Mr. Korenberg focused on advising and financing companies in the biotechnology and pharmaceutical sectors. Mr. Korenberg currently serves on the board of directors, including the audit committee, of Lifecore Biomedical Inc. (NASDAQ: LFCR), a fully integrated contract development and manufacturing organization. He earned a B.B.A. in Finance and Accounting from the University of Michigan.
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“I am excited to join Palvella at such a dynamic time. The combination of a dedicated leadership team, patented QTORIN™ platform technology, and promising late-stage rare disease pipeline position the company well for growth,” said Mr. Korenberg. “I look forward to leading Palvella’s transformation to a public company and addressing the unmet needs of people with serious, rare genetic skin diseases.”
About Palvella Therapeutics Founded and led by rare drug disease drug development veterans, Palvella Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to treat patients suffering from serious, rare genetic skin diseases for which there are no FDA-approved therapies. Palvella is developing a broad pipeline of product candidates based on its patented QTORIN™ platform, with an initial focus on serious, rare genetic skin diseases, many of which are lifelong in nature. Palvella’s lead product candidate, QTORIN 3.9% rapamycin anhydrous gel (QTORIN™ rapamycin), is currently in clinical development for microcystic lymphatic malformations (microcystic LMs) and cutaneous venous malformations.
In July 2024, Palvella and Pieris Pharmaceuticals, Inc. (Nasdaq: PIRS) announced they have entered into a definitive merger agreement to combine the companies in an all-stock transaction.
Forward-Looking Statements This press release contains forward-looking statements concerning the development and commercialization of Palvella’s products, the potential benefits and attributes of such products, and the company’s expectations regarding its prospects, including the potential merger with Pieris Pharmaceuticals. Forward-looking statements are subject to risks, assumptions and uncertainties that could cause actual future events or results to differ materially from such statements. These statements are made as of the date of this press release. Actual results may vary. Palvella undertakes no obligation to update any forward-looking statements for any reason.
No Offer or Solicitation This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.
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NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE SECURITIES OR DETERMINED IF THIS PRESS RELEASE IS TRUTHFUL OR COMPLETE.
Important Additional Information About the Proposed Transactions Will be Filed with the SEC In connection with the proposed transaction between Pieris and Palvella, Pieris intends to file relevant materials with the SEC, including a registration statement on Form S-4 that will contain a proxy statement and prospectus of Pieris and an information statement of Palvella. PIERIS URGES INVESTORS AND STOCKHOLDERS TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE MATERIALS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PIERIS, PALVELLA, THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/information statement and other documents filed by Pieris with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. In addition, investors and stockholders will be able to obtain free copies of the proxy statement/prospectus/information statement and other documents filed by Pieris with the SEC free of charge on Pieris’ website at www.pieris.com, or by contacting Investor Relations by email at info@pieris.com. Investors and stockholders are urged to read the proxy statement/prospectus/information statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed transaction.
Participants in the Solicitation Palvella, Pieris and their respective directors and executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about Pieris’ directors and executive officers is included in Pieris’ most recent Annual Report on Form 10-K, as amended, including any information incorporated therein by reference, as filed with the SEC on March 29, 2024, and amended on April 29, 2024. Additional information regarding the persons who may be deemed participants in the solicitation of proxies will be included in the proxy statement/prospectus/information statement relating to the proposed transaction when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.
Contact Information Investors Wesley H. Kaupinen Founder and CEO, Palvella Therapeutics wes.kaupinen@palvellatx.com
Media Stephanie Jacobson Managing Director, Argot Partners palvella@argotpartners.com
As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.
‘Swiss Monaco’
Switzerland’s reputation as a magnet for the world’s financial elite is nothing new. In 2025, the country recorded the “densest concentration of millionaires” with an estimated 146 per 1,000 adults last year, said The Times. Now home to around 135,000 people, Zug’s canton – also named Zug – used to be the “poorest corner of Switzerland” until it lowered its tax rates in the 1950s. “Now it has corporate tax rates of 16.2% compared with 40% in the US and 33.3% in France.”
“In almost all ways Zug is unremarkable”, with its traditional Swiss architecture and cobbled waterfront lanes. But if its “Alpine lake water is clear”, the financial scene is more “murky”. Many credit Marc Rich and Pincus “Pinky” Green, founders of metals and minerals trading firm Glencore, with the transformation of Zug from a “Swiss backwater” to its status as the “Swiss Monaco”. The multinational is headquartered just outside Zug, and has made the town a “global powerhouse for trading crude and refined oil products”. It should be “no surprise” that the “1% of the world’s 1%” are taking shelter there, and at the same time, hoping to still “keep a hand in the oil business”.
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“Industry estimates suggest that tens of billions of dollars could flow into Switzerland depending on how the current conflict evolves,” said the Outbound Investment Group. The “immediate trigger” for the “surge in interest” from Gulf-based investors is the war in the Middle East. However, Switzerland’s underlying appeal is its unwavering “Swissness”: “political neutrality”, “strong legal frameworks”, and reputation for wealth preservation. It’s a safe bet with no sign of slowing.
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‘Availability tightening’
There are some drawbacks, said the FT. For “would-be arrivals”, the appeal of the region for Middle Eastern residents comes with “practical constraints”. Those outside the EU “face a higher bar”. Usually, the condition of residency is “tied” to employment or company formation. For the “very wealthy”, there is the added option of “negotiated lump-sum taxation agreements with cantonal authorities” that allow individuals to “pay a flat annual tax based on living expenses rather than global income”.
Even if they are holders of EU passports, the “main bottleneck” is the availability of property. Competition is “intense” and “rental supply is extremely limited, with properties often snapped up within days”. With Zug’s “availability tightening”, other cantons in the region with similar tax arrangements could benefit, such as Lugano, an Italian-speaking city in the Ticino region.
The uncertainty of the duration of the conflict is one of the most pressing concerns, said Bloomberg. The recent breakdown of ceasefire talks risks “forcing a reckoning for the professional and expat classes considering options after putting down roots in the Middle East”.
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The short-term benefits of physical safety from leaving the Gulf are clear, but changing tax residency “takes time” and practicalities such as finding schools and “conforming to national requirements such as opening local bank accounts” is often “complicated and time-consuming”. The region’s ultra-wealthy are facing “uncomfortable decisions on whether to make the move permanent, especially with the end of the school year in sight”.
Learn how to safely find your Social Security Number with the official Social Security website.
Problem Solved
Before Social Security payments are posted this week, many retirees are looking ahead at the potential Cost of Living Adjustment for 2027 with an advocacy group predicting a similar increase to 2026.
On April 10, The Senior Citizens League — a nongovernmental advocacy group for seniors — released its monthly COLA forecast for 2027, saying data showed a 2.8% increase is likely.
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“Over the last seven weeks, crude oil prices have soared, and fuel prices have followed suit. Consumers are getting pinched at the pump as gas prices soar, while businesses are paying more for transportation and/or production costs. This energy price shock is beginning to show up in the monthly U.S. inflation report, and it’s having a tangible impact on 2027 COLA forecasts,” The Motley Fool, a financial and investing advice company, and USA TODAY content partner, reported on April 18.
The official announcement will come in October, as it’s based on third-quarter inflation data.
According to Consumer Price Index data published last week, the annual inflation rate reached a two-year high of 3.3%, up 0.9% over the last month. This is largely due to soaring oil prices caused by the war in Iran.
Social Security payments are always scheduled on Wednesdays, with the final wave of this month scheduled for April 22, according to the Social Security Administration. The schedule is based on the birth dates of the recipients — retired, disabled workers or survivors.
Here’s who will get a Social Security check this week and more on the 2027 COLA forecast:
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When is the final Social Security in April 2026?
Social Security benefits are sent out based on the recipients’ birth dates. Wednesday, April 22, is the final wave of payments for those with birth dates between the 21st and the 31st of April.
What is the 2027 COLA forecast?
The 2027 COLA increase is forecast to be 2.8% due to continuing inflation prices, according to The Senior Citizens League’s April 10 press release. If the SSA approves that rate of increase, average payment for retired workers would go up by $56 per month in January 2027.
The SCL releases a COLA prediction each month based on the Consumer Price Index, Federal Reserve interest rate and the National Unemployment rate from the U.S. Bureau of Labor Statistics.
Beneficiaries who want to stay updated with the monthly predictions may visit the SCL’s “COLA Watch” webpage that includes the forecast, calculations, historical trends and more.
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The official COLA increase for 2027 will be announced in October 2026.
More on the 2027 COLA: Social Security’s 2027 COLA forecast points to higher inflation
What were the big Social Security changes in 2026?
At the beginning of 2026 recipients received a 2.8% COLA for Social Security and Supplemental Security Income (SSI) payments, according to the SSA’s COLA Fact Sheet and American Association of Retired Persons, increasing payments about $56 per month.
Here are more details on the 2026 COLA increase, per the SSA:
The maximum amount of earnings subject to the Social Security tax increased to $184,500.
The earnings limit for workers who are younger than full retirement age (67 years old) increased to $24,480. (There will be a $1 deduction for each $2 earned over $24,480.)
The earnings limit for people reaching their full retirement age in 2026 increased to $65,160. (There will be a $1 deduction for each $3 earned over $65,160, until the month the worker turns full retirement age.)
There is no limit on earnings for workers who are at full retirement age or older for the entire year.
What should I do if I don’t get my Social Security payment?
According to the SSA, if you don’t receive your payment on the scheduled date, wait three days additional days, then call their office.
Where are the Social Security offices in Michigan?
There are 48 offices in Michigan, and to find an office near you, recipients may use the office locator via the Social Security’s website by entering your zip code for office hours, numbers, available services and more.
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How can I replace my Social Security card?
The personal account, “my Social Security” allows recipients to manage their personal records, including a request for a replacement Social Security card and benefit statements for taxes and more. New accounts are created using ID.me or Login.gov as a multifactor authentication.
When will I get my checks in May? Full 2026 schedule
The US-Israeli war on Iran has unleashed sharp swings across global energy and financial markets, fuelling demand for safe-haven assets, with Hong Kong emerging as a potential beneficiary across gold, property and capital markets.In the third of athree-part series, we look at Hong Kong’s position as a stable base where demand for property has held firm despite the global turmoil.
The seven-week military conflict in the Middle East will redefine Hong Kong’s role as a global financial centre, positioning the city as a safe harbour for capital and investments.
Anecdotal evidence suggested that more banks had turned to Hong Kong to protect their businesses and committed themselves to expanding their presence in the city. At the same time, inquiries about adding allocations of mainland Chinese assets among global investors had recently increased, potentially enlarging the customer base for the city’s asset-management industry and family offices and driving demand for offshore yuan-linked financial products.
For years, Hong Kong’s status as a financial centre in the Asia-Pacific region has been challenged by Dubai, which has risen to prominence as a gateway linking Asia and Europe in capital flows, transport and logistics. With the war destabilising the Middle East – at one point forcing the closure of the Dubai International Airport and sending stocks in the Gulf region plunging – Hong Kong has re-emerged due to its geographical location, a pegged exchange rate, free capital flows and support from China’s economic strength.
“In that context, China and Hong Kong are attracting renewed attention,” said Gary Dugan, CEO of The Global CIO Office in Dubai, which advises family offices and ultra-high-net-worth individuals globally. “There is growing interest among some clients in increasing exposure to China and Hong Kong. It is less a simple flight to safety and more a reassessment of where investors see relative value, policy consistency and long-term strategic opportunity.”
Dubai now relies on trade, tourism and finance as the pillars of its economy, reflecting the success of its four-decade diversification away from oil for sustained growth. The United Arab Emirates city is home to Jebel Ali Free Zone, the biggest free-trade zone in the Middle East, and the second-largest stock market in the region, with combined market values of US$1.01 trillion. The city, also a global hub for gold trading, has a population of 4 million, about 80 per cent of which are foreign expatriates. Dubai’s economy grew by 4.7 per cent in the January-to-September period last year.
