Business
Pulmatrix Announces Stopping the PUR1900 Phase 2B Study Patient Enrollment and Closing the Study, in Agreement With Partner Cipla, to Preserve Cash and Facilitate Pursuit of Strategic Alternatives
Cipla to take sole responsibility for development of PUR1900, refocused on markets with greatest unmet need and faster path to approval, in exchange for 2%
About this update from Pulmatrix, Inc.
[{"type":"text","content":"Cipla to take sole responsibility for development of PUR1900, refocused on markets with greatest unmet need and faster path to approval, in exchange for 2% royalty on net sales payable to Pulmatrix \nPulmatrix to significantly reduce cash burn and focus on strategic alternatives that leverage the company's promising pipeline, iSPERSE™ technology and approximately $19 million cash on hand as of 12/31/23\nBEDFORD, Mass., Jan. 8, 2024 /PRNewswire/ -- Pulmatrix, Inc. (\"Pulmatrix\" or the \"Company\") (NASDAQ: PULM), a clinical-stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and central nervous system diseases, today announced that it has entered into a further amendment to its agreement with Cipla for the development of PUR1900 in the treatment of Allergic Bronchopulmonary Aspergillosis (ABPA). Under the terms of the amendment Cipla and Pulmatrix agreed, among other things, to stop patient enrollment of the Ph2b study of PUR1900 at 8 subjects and close the study. \n\n \n \n \n \n \n \n\n \nTed Raad, Chief Executive Officer of Pulmatrix, commented, \"Stopping the Ph2b study, along with other cost-savings measures, is expected to extend Pulmatrix's cash runway into Q1 2026. As of December 31, 2023, Pulmatrix cash on hand was approximately nineteen million dollars. Pulmatrix focus will be on maximizing shareholder value by pursuing strategic alternatives for the company while it winds down the Ph2b study for PUR1900. We are confident in Cipla's ability to develop PUR1900 for the benefit of patients in markets where there is significant unmet need and a faster path to commercialization.\"\nPursuant to the amended agreement with Cipla, Pulmatrix has granted Cipla exclusive rights to the development and commercialization of PUR1900 in the \"Cipla Territory\", which has been expanded to include all markets other than the United States. In the United States, both parties will seek to monetize PUR1900 which has potential for development in areas other than ABPA in Asthma. After the study winddown, Pulmatrix will bear no further financial responsibility for the development of PUR1900 and will receive 2% royalties on net sales of Pulmazole in the Cipla Territory. For more information about the amendment please refer to Pulmatrix's Current Report on Form 8-K to be filed with U.S. Securities ...