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Pulmatrix and Cipla Technologies LLC enter into Definitive Agreement for the Development and Commercialization of Pulmazole(TM)
LEXINGTON, Mass., April 15, 2019 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM; hereafter referred to as "Pulmatrix"), a clinical stage biopharmaceutical
About this update from Pulmatrix, Inc.
[{"type":"text","content":"LEXINGTON, Mass., April 15, 2019 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM; hereafter referred to as \"Pulmatrix\"), a clinical stage biopharmaceutical company focused on developing novel inhaled therapeutics to serve unmet needs in respiratory disease, and Cipla Technologies LLC (\"Cip Tec\"), a subsidiary of Cipla Limited (BSE: 500087; NSE: CIPLA EQ; along with its subsidiaries, affiliates and joint ventures, hereafter together referred to as \"Cipla\") today announced their entry into a Definitive Agreement for the co-development and commercialization of Pulmazole™ (PUR1900) – an inhaled iSPERSE™ formulation of the anti-fungal drug itraconazole for the treatment of allergic bronchopulmonary aspergillosis (ABPA) in patients with asthma.\n\n \nFollowing the Definitive Agreement, Cip Tec will make an upfront payment of $22 million to Pulmatrix in exchange for assignment of all rights for Pulmazole in relations to pulmonary indications to Cip Tec. Thereafter, both parties will equally share costs related to the future development and commercialization of Pulmazole, and equally share worldwide free cash flow from future sales of Pulmazole. Pulmatrix will remain primarily responsible for the execution of the clinical development of Pulmazole, and Cip Tec will be responsible for the commercialization of the product. The partnership will be overseen by a Joint Steering Committee with equal representation from both companies. \nWith the signing of the Definitive Agreement, Pulmatrix is in a strong position to complete the Phase 2 study entitled: 'A Randomized, Double-Blind, Multicenter, Placebo-Controlled, Phase 2 Study to Evaluate the Safety, Tolerability, and Pharmacokinetics of Itraconazole Administered as a Dry Powder for Inhalation (PUR1900) in Adult Asthmatic Patients with Allergic Bronchopulmonary Aspergillosis (ABPA)'. Pulmatrix plans to initiate this study in April 2019. \nRobert W. Clarke, Ph.D., Chief Executive Officer of Pulmatrix, said: \"Cipla's expertise in respiratory drug development and manufacturing strengthens our development program while its global commercialization experience and footprint will enable us to bring this novel therapeutic option to patients suffering from ABPA. This is also an important financial milestone for the company, securing adequate funds to complete the Pulmazole Phase 2 study, along w...