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Pulmatrix Reports Q1 2019 Results
LEXINGTON, Mass., May 15, 2019 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM) today reports its first quarter results. "We reached a major milestone in the
About this update from Pulmatrix, Inc.
[{"type":"text","content":" LEXINGTON, Mass., May 15, 2019 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM) today reports its first quarter results. \n\n \n\"We reached a major milestone in the first quarter with the FDA providing approval to begin our planned Pulmazole Phase 2 clinical trial. With the closing of our recent financing in April and receipt of the upfront payment from Cipla related to the Definitive Agreement for the co-development and commercialization of Pulmazole, we currently have a cash balance of approximately $37 million which fully funds Pulmatrix beyond the completion of the Phase 2 trial that will begin this quarter,\" said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix.\nFinancials\nAs of March 31, 2019, Pulmatrix had $2.1 million in cash, compared to $2.6 million as of December 31, 2018. In April 2019, Pulmatrix completed a financing that resulted in $16.6 million total gross proceeds and executed a Definitive Agreement with Cipla for the co-development and commercialization of Pulmazole. In early May 2019, Pulmatrix received a $22 million upfront payment from Cipla. Following the completion of planned Phase 2 clinical trial, both parties will equally share costs related to the future development and commercialization of Pulmazole and will equally share worldwide free cash flow from future sales of Pulmazole.\nPulmatrix generated no revenue in the first quarter of 2019, compared to $0.2 million of revenues in the first quarter of 2018. The revenue for the first quarter of 2018 resulted from the Cystic Fibrosis Foundation Therapeutics award related to our Pulmazole program. \nResearch and development expenses for the first quarter of 2019 were $2.2 million, compared to $3.2 million for the same period last year. The increase was primarily due to decreases in clinical development costs and external service costs on the PUR1800 project. General and administrative expenses for both the first quarter of 2019 and the first quarter of 2018 were $2.0 million.\nNet loss was $5.2 million for both the first quarter of 2019 and the first quarter of 2018.\nAbout PulmatrixPulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary disease using its patented iSPERSE™ technology. The Company's proprietary product pipeline is focused on advancing treatments for serious ...