Business
Pulmatrix Reports Third Quarter 2021 Financial Results and Provides Business Update
Pulmazole contract dispute with Cipla resolved, expect to initiate Ph2b study in Q1 2023 for treatment of Allergic Bronchopulmonary Aspergillosis (ABPA)
About this update from Pulmatrix, Inc.
[{"type":"text","content":"Pulmazole contract dispute with Cipla resolved, expect to initiate Ph2b study in Q1 2023 for treatment of Allergic Bronchopulmonary Aspergillosis (ABPA)\n PUR3100 (Acute Migraine Product) IND submission planned for Q1 2022 with Ph1 study start anticipated in Q2 2022\n PUR1800 (Acute Exacerbation in COPD Product) Ph1b study on track for top-line data in Q1 2022\n\n\nLEXINGTON, Mass., Nov. 10, 2021 /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 third quarter 2021 financial results and provides a business update.\n\n \n \n \n \n \n \n\n \n\"The resolution of our contract dispute with Cipla is an important milestone which will enable the continued development of Pulmazole globally with our valued partners,\" said Ted Raad, Chief Executive Officer of Pulmatrix. \"After our successful FDA Type C Meeting in February, we are excited to resume clinical activities with Pulmazole which has the potential to address the underlying cause of ABPA while avoiding the side effects of oral antifungals and prolonged steroid treatment. In parallel, we are making steady progress across our pipeline with top-line data expected in Q1 2022 from our fully enrolled PUR1800 Phase 1b study and we expect the initiation of a PUR3100 Phase 1study in Q2 2022.\"\nThird Quarter and Recent Highlights:\nPulmazole\nOn November 8, 2021, we entered into an amendment (the \"Amendment\") to our development and commercialization agreement with Cipla (the \"Cipla Agreement\"), which modifies certain provisions of the Cipla Agreement and resolves the current dispute between us and Cipla regarding each party's respective performance of the Cipla Agreement. Cipla will continue to share 50% of all third-party costs for the development of Pulmazole and will share 40% of our personnel, consulting and overhead costs and will reimburse us for another 10% of such costs upon the timely achievement of development milestones. As part of the resolution, the Cipla Agreement was amended to grant Cipla exclusive rights to Cipla territories (India, South Africa, Sri Lanka, Nepal, Iran, Yemen, Myanmar and Algeria) in exchange for 2% royalties under certain circumstances. For the Cipla territories...