Business
Pulmatrix Announces First Quarter 2023 Financial Results and Provides Corporate Update
Patient dosing initiated for Phase 2b study of PUR1900 for ABPA Phase 1 study of PUR3100 for migraine achieves positive topline results $30.8 million in cash
About this update from Pulmatrix, Inc.
[{"type":"text","content":"Patient dosing initiated for Phase 2b study of PUR1900 for ABPA\nPhase 1 study of PUR3100 for migraine achieves positive topline results\n$30.8 million in cash and cash equivalents at the end of Q1 2023 providing projected cash runway into Q4 2024\nLEXINGTON, Mass., May 12, 2023 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM), a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and central nervous system disease using its patented iSPERSE™ technology, today announced first quarter financial results for 2023 and provided a corporate update on its development programs.\n\n \n \n \n \n \n \n\n \nTed Raad, Chief Executive Officer of Pulmatrix commented, \"Our focus in the first quarter was to advance both PUR1900 and PUR3100. We initiated patient dosing for the PUR1900 Phase 2b study in allergic bronchopulmonary aspergillosis (ABPA). This is an important milestone for PUR1900 which has the potential to be the first product approved for treatment of ABPA, a disease with high unmet need that affects more than 300,000 patients in the United States.\" Mr. Raad continued, \"We also announced topline results for a Phase 1 study of PUR3100, our orally inhaled formulation of dihydroergotamine (DHE) being developed for the treatment of acute migraine. Based on these Phase 1 results, we are eager to advance PUR3100 into Phase 2 and plan to file an Investigational New Drug Application (IND) in mid-2023. We anticipate that PUR3100 will be Phase 2 ready by mid-year so that we are well positioned for potential partnership discussions. While we advance all of our programs clinically, we have been keenly focused on driving operational efficiencies and have extended our projected cash runway from second quarter 2024 into the fourth quarter of 2024.\"\nFirst Quarter 2023 and Recent Program and Corporate Highlights\nPUR1900\nPUR1900 is currently in a Phase 2 trial for the treatment of ABPA in patients with asthma (NCT05667662). In February 2023, Pulmatrix began dosing patients for its proof-of-concept Phase 2b study of PUR1900 (itraconazole, administered as a dry powder for inhalation). This Phase 2b trial is a randomized, double-blind, multi-center, placebo-controlled study to evaluate PUR1900's efficacy and safety. The multi-center study is being conducted in the United States, United Kingdo...