Pulmatrix(PULM) Prnewswire·2025-03-21 12:05Core Viewpoint - Pulmatrix, Inc. has announced a proposed merger with Cullgen, expected to close in the first half of 2025, while planning to divest its clinical assets including its acute migraine candidate, PUR3100, and other development candidates based on its iSPERSE™ technology [1][2][3] Merger Details - The merger agreement with Cullgen was announced on November 13, 2024, and is subject to certain closing conditions [3][4] - If successful, the merger will create a Nasdaq-listed company focused on targeted protein degradation technology, with three degrader programs entering or about to initiate Phase 1 clinical trials [2][3] Financial Performance - For the year ended December 31, 2024, Pulmatrix reported revenues of approximately 7.3 million in 2023, primarily due to a contract modification with Cipla [8] - Research and development expenses decreased to 15.5 million in 2023, attributed to winding down the PUR1900 Phase 2b clinical trial and other cost reductions [9] - General and administrative expenses rose to 6.5 million in 2023, mainly due to legal and professional service costs [10] - The company recognized a 9.5 million, which is expected to fund operations through the anticipated merger closing [12] Product Pipeline - PUR3100 is a Phase 2-ready acute migraine candidate that has received FDA acceptance for an Investigational New Drug application and is set to proceed with a Phase 2 study [6][14] - PUR1800, a Narrow Spectrum Kinase Inhibitor for treating acute exacerbations in chronic obstructive pulmonary disease, has shown safety and tolerability in Phase 1b studies [6] - The iSPERSE™ technology is designed to enhance drug delivery for various therapeutic applications, with a patent portfolio that includes approximately 149 granted patents [14][18] Summary of Financial Statements - The net loss for the year ended December 31, 2024, was 14.1 million in 2023, with a loss per share of 17.6 million in 2024 from $22.0 million in 2023 [16]