Business
Pulmatrix Reports Q1 2020 Results
LEXINGTON, Mass., May 14, 2020 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM), a clinical stage biopharmaceutical company developing innovative inhaled
About this update from Pulmatrix, Inc.
[{"type":"text","content":"LEXINGTON, Mass., May 14, 2020 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM), a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology today reports its Q1 2020 financial results and provides a business update.\n\n \n \n \n \n \n \n\n \n\"We are excited to join the fight against COVID-19 with the announcement of our Sensory Cloud worldwide partnership for the development and commercialization of an over-the-counter version of NasoCalm, our proprietary anti-contagion product. This partnership builds upon our former biodefense history and we hope to aid in the effort against this virus,\" said Ted Raad, Chief Executive Officer of Pulmatrix. \"On the clinical front, we are committed to the safety of our study subjects during this pandemic. Due to the impact of COVID-19, enrollment in our Phase 2b clinical study of Pulmazole for the treatment of ABPA has been temporarily paused. In our collaboration with Johnson & Johnson*, we currently plan to initiate the PUR1800 Ph1b clinical study and chronic toxicology studies in the second half of 2020.\"\nQ1 and Recent Highlights:\nEntered into a strategic partnership with Sensory Cloud to develop and commercialize over-the-counter nasal administration of PUR 003 and PUR 006, the Company's proprietary formulations which have demonstrated the potential to reduce the pathogenic risk and transmissibility of contagions, including COVID-19. Received U.S. FDA Fast Track designation for Pulmazole for the treatment of ABPA. Announced kinase inhibitor licensing and development agreement with the Lung Cancer Initiative at Johnson & Johnson*. The agreement provides the Lung Cancer Initiative option to access a portfolio of narrow spectrum kinase inhibitors intended for development in lung cancer interception. Announced research collaboration with Nocion Therapeutics to explore inhaled drug delivery technologies for its respiratory compounds. Completed a registered direct offering in April 2020, resulting in $8.0 million in gross proceeds to support ongoing development activities.Financials\nAs of March 31, 2020, Pulmatrix had $24.4 million in cash and cash equivalents, compared to $23.4 million as of December 31, 2019. In December 2019, Pulmatrix executed a Licensing Agreement with th...