Following Pulmatrix’s recent successful public offering, Pulmatrix and Cipla subsidiary Cipla Technologies (Cip Tec) have entered into a definitive agreement in which Cipla will acquire rights to the Pulmazole itraconazole DPI for the treatment of allergic bronchopulmonary aspergillosis (ABPA) in asthma patients.
The companies had previously announced terms of the deal, including a $22 million upfront payment that Cip Tec will make to Pulmatrix, with a definitive agreement contingent on Pulmatrix having at least $15 million in unencumbered funds. The recent public offering raised $16.6 million.
Under the terms of the agreement, Pulmatrix will fund a Phase 2 study, planned to begin this month, titled “A Randomized, Double-Blind, Multicenter, Placebo-Controlled, Phase 2 Study to Evaluate the Safety, Tolerability, and Pharmacokinetics of Itraconazole Administered as a Dry Powder for Inhalation (PUR1900) in Adult Asthmatic Patients with Allergic Bronchopulmonary Aspergillosis (ABPA)”.
Pulmatrix CEO Robert W. Clarke commented, “Cipla’s expertise in respiratory drug development and manufacturing strengthens our development program while its global commercialization experience and footprint will enable us to bring this novel therapeutic option to patients suffering from ABPA. This is also an important financial milestone for the company, securing adequate funds to complete the Pulmazole Phase 2 study, along with 50% commitment from Cip Tec for future Pulmazole development and commercialization costs while retaining worldwide rights to 50% of the free-cash-flow from future revenues.”
Cipla Managing Director and Global Chief Executive Officer Umang Vohrasaid said, “Pulmazole will be Cipla’s entry into the branded respiratory space and will serve a vital unmet medical need for the treatment of ABPA, a condition that possibly impacts over 2 million patients worldwide but has no labelled drug. Pulmatrix has a capable development team and a strong intellectual property (IP) estate through its iSPERSE delivery platform. This creates potential to expand the scope of this collaboration and extract synergies from Cipla’s long-established in-house capability in the development of inhalation therapy solutions.”
Read the Pulmatrix press release.