Pulmatrix and Cullgen Announce Proposed Merger

Core Points - A merger agreement has been announced between Pulmatrix, Inc. and Cullgen Inc. to create a Nasdaq-listed company focused on targeted protein degradation technology, with three degrader programs entering or about to initiate Phase 1 clinical trials, two for cancer treatment and one for pain management [1][3] - The combined company is expected to have approximately $65 million in cash and cash equivalents at the close of the merger, providing funding through multiple clinical milestones and a runway expected to last through 2026 [1] - As part of the merger, Pulmatrix plans to divest its assets, including its acute migraine candidate, PUR3100, and other development candidates based on its iSPERSE™ technology [1][6] Proposed Transaction Details - Upon closing, pre-merger Pulmatrix stockholders are expected to own approximately 3.6% of the combined company, while pre-merger Cullgen stockholders will own approximately 96.4% [3] - The transaction is anticipated to close by the end of March 2025, pending stockholder and regulatory approvals [4] - The executive leadership of the combined company will be led by Cullgen's Chairman and CEO, Ying Luo, Ph.D., with one representative from Pulmatrix joining the board [5] Clinical Pipeline Overview - Cullgen has three degrader programs in or about to initiate Phase 1 clinical testing, including CG001419, a first-in-class oral pan-TRK degrader for solid tumors and pain management [7] - CG009301, a GSPT1 degrader, is being evaluated for blood cancers and has received IND allowance from the China CDE, with patient dosing expected in Q1 2025 [8] - Additional targeted protein degraders and degrader-antibody conjugates (DACs) are being developed, primarily for cancer and autoimmune diseases, including a partnered program with Astellas Pharma Inc. [9]