Pulmotect has closed on a $12 million Series B round to fund continued clinical development of its PUL-042 inhaled immune stimulant, the company said. Pulmotect has now received more than $25 million in funding for development of PUL-042, including awards of $7.1 million from Cancer Prevention & Research Institute of Texas (CPRIT) and $3 million from The National Heart, Lung, and Blood Institute of the National Institutes of Health.
Clinical trials for PUL-042, which was developed at The University of Texas MD Anderson Cancer Center and Texas A & M Health Science Center, were initiated in 2014. Two Phase 1 clinical trials have already been completed, and a multiple ascending dose study is expected to begin soon.
Pulmotect President, COO, and co-founder Brenton Scott commented, ‘Based upon the supportive data obtained to date, both in preclinical and clinical studies, we believe PUL-042 is well positioned to show proof-of-principle in humans with the upcoming clinical studies. Our new investors recognize that, if achieved, this will be a significant milestone and, more importantly, will get the drug closer to use in patients to help prevent airborne infections and save lives.”
Read the Pulmotect press release.
