Pulmatrix to stop patient enrollment of the Ph2b study of PUR1900

Pulmatrix announced that it has entered into a further amendment to its agreement with Cipla for the development of PUR1900 in the treatment of Allergic Bronchopulmonary Aspergillosis. Under the terms of the amendment Cipla and Pulmatrix agreed, among other things, to stop patient enrollment of the Ph2b study of PUR1900 at 8 subjects and close the study. Ted Raad, CEO of Pulmatrix, commented, “Stopping the Ph2b study, along with other cost-savings measures, is expected to extend Pulmatrix’s cash runway into Q1 2026. As of December 31, 2023, Pulmatrix cash on hand was approximately nineteen million dollars. Pulmatrix focus will be on maximizing shareholder value by pursuing strategic alternatives for the company while it winds down the Ph2b study for PUR1900. We are confident in Cipla’s ability to develop PUR1900 for the benefit of patients in markets where there is significant unmet need and a faster path to commercialization.” Pursuant to the amended agreement with Cipla, Pulmatrix has granted Cipla exclusive rights to the development and commercialization of PUR1900 in the “Cipla Territory”, which has been expanded to include all markets other than the United States. In the United States, both parties will seek to monetize PUR1900 which has potential for development in areas other than ABPA in Asthma. After the study winddown, Pulmatrix will bear no further financial responsibility for the development of PUR1900 and will receive 2% royalties on net sales of Pulmazole in the Cipla Territory.