Business
Pulmatrix Reports Q2 2019 Results
LEXINGTON, Mass., Aug. 5, 2019 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM) today reports its second quarter results. Q2 2019 Highlights Pulmatrix achieved
About this update from Pulmatrix, Inc.
[{"type":"text","content":"LEXINGTON, Mass., Aug. 5, 2019 /PRNewswire/ -- Pulmatrix, Inc. (NASDAQ: PULM) today reports its second quarter results. \n\n \nQ2 2019 Highlights\nPulmatrix achieved several clinical and business milestones which reflect the Company's progress. These milestones include the following: \nInitiated the global, multi-site Phase 2 clinical study of Pulmazole for the treatment of ABPA Completed a $16.6 million public offering extending cash runway beyond the completion of our Pulmazole Phase 2 clinical trial Entered into strategic partnership with Cipla Technologies LLC for the development and commercialization of Pulmazole Received $22 million upfront payment Agreement lays foundation for Phase 2 study evaluating Pulmazole, the iSPERSE formulation of anti-fungal drug itraconazole, in asthmatic patients with allergic bronchopulmonary aspergillosis (ABPA) Expands global opportunity, leveraging Cipla's presence in 170 countries and extensive global network\"Our partnership with Cipla is off to a great start and the initiation of our Pulmazole Phase 2 clinical trial was a significant step forward for the Company. The trial is fully funded with data anticipated in Q3 2020,\" said Ted Raad, chief executive officer of Pulmatrix.\nFinancials\nAs of June 30, 2019, Pulmatrix had $31.8 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 of 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 the initiated 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 $4.8 million of revenue in the second quarter of 2019, compared to no revenues in the second quarter of 2018. The revenue for the second quarter of 2019 was the result of the recognition of income pursuant to the Cipla Agreement.\nResearch and development expenses for the second quarter of 2019 were $3.2 million, compared to $4.0 million for the same period last year. The decrease was primarily due to decreased employment costs. General and admin...