Pulmatrix has issued a series of announcements regarding financing and its trading status on the NASDAQ exchange, a development deal for its PUR0200 inhaled COPD drug, and a new DPI it is developing, using its iSPERSE dry powder technology, for the treatment of pulmonary fungal infections in cystic fibrosis patients.
Earlier this year, the company announced that it was merging with Ruthigen, and that it had raised $4.5 million in preparation for the merger. Pulmatrix says that it has now completed the merger and has raised an additional $10 million. According to the company, it’s common stock has also begun trading on the NASDAQ under the symbol PULM.
CEO Robert W. Clarke said, “This new funding enables further development our proprietary pipeline of inhaled therapeutics for rare diseases, led by our anti-fungal candidate for cystic fibrosis and our branded generic for chronic obstructive pulmonary disease. Following the financing and merger, we have $27 million in cash, which we expect will fund our business into 2017, beyond multiple data readouts from ongoing and planned clinical studies, as well as other corporate milestones.”
In a separate announcement, Pulmatrix said that it has entered into a development agreement with Mylan for its PUR0200 LAMA DPI for the treatment of COPD. Mylan will provide “collaborative support” for the development program and will have the option to license PUR0200 for outside the US. Financial terms were undisclosed.
Mylan President Rajiv Malik commented, “Mylan is excited to partner with Pulmatrix on this potential generic LAMA DPI opportunity. This collaboration demonstrates our continued commitment to building our global respiratory pipeline, a key strategic growth driver for the company.”
Clarke added, “Our agreement with Mylan for the development of PUR0200 is a major step for Pulmatrix and the continued development of our iSPERSE technology. At the current stage of development of PUR0200 and goals of the program, Mylan is the ideal partner to bring this product forward for COPD patients.”
In a third announcement, Pulmatrix said that it has a new drug candidate, PUR1900, a DPI for the treatment of pulmonary fungal infections in cystic fibrosis patients. According to the company, it plans to reveal the structure and composition of the drug later this year. Phase 1 clinical development is expected to begin in the second half of 2016.
Regarding the new product, Clarke said, “We are excited to advance PUR1900 toward the clinic to address the need for effective anti-fungal therapy for patients with CF. We believe iSPERSE can achieve this goal as a first-in-class product. Beyond our program in CF patients, there is also the potential for PUR1900 to prevent fungal infections in a broader population of immunocompromised patients who are underserved today. We see tremendous unmet medical needs in rare pulmonary diseases where the advanced capabilities of our iSPERSE technology can enable inhaled therapies that treat at the site of disease in the lung. We are dedicated to advancing these therapies to improve the lives of patients with rare pulmonary diseases, such as CF and IPF.”
Read the Pulmatrix press release on new financing.
Read the Pulmatrix press release on the deal with Mylan.
Read the Pulmatrix press release on PUR1900.
