Pulmatrix halts PUR1900 Ph2b study; Cipla assumes ex-US development for 2% royalty

Pulmatrix, Inc.

Enrollment stopped at 8 subjects; study wind-down expected by July 2024; Pulmatrix's cash burn significantly reduced.
Cipla gets exclusive rights to all markets outside the US; Pulmatrix receives 2% royalty on net sales in Cipla Territory.
Cash on hand ~$19M as of Dec 31, 2023; cash runway extended into Q1 2026.
CEO Teofilo Raad granted retention bonus of $170K/quarter for Q1 and Q2 2024, payable on employment conditions.
Company retained MTS Health Partners to review strategic alternatives to maximize shareholder value.

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Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Pulmatrix, Inc. amended Development and Commercialization Agreement (Cipla Agreement) with Cipla Technologies LLC valued at The Third Amendment terminates the Phase 2b clinical study of the Product and modifies responsibilit (effective 2024-01-06).

Action: amendment
Agreement: collaboration
Counterparty: Cipla Technologies LLC
Value: The Third Amendment terminates the Phase 2b clinical study of the Product and modifies responsibilit
Effective: 2024-01-06

Exact text from the filing

On January 6, 2024 (the “Effective Date”), the Parties entered into the third amendment to the Cipla Agreement (the “Third Amendment”), which terminates the Phase 2b clinical study (the “Phase 2b Clinical Study”) of the Product and makes certain related modifications to the Cipla Agreement.

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Pulmatrix, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-001667

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