Shares in Pulmatrix (NSDQ:PULM) fell last week even though the biopharmaceutical company beat expectations on Wall Street with its second quarter results.
The Lexington, Mass.-based company posted a net loss of -$5.6 million with no revenue for the 3 months ended June 30, for bottom-line growth of 39% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -29¢, a penny ahead of consensus on The Street.
“During the second quarter, we further strengthened our board of directors with the appointment of Amit Munshi and added to our pipeline via the completion of the in-license agreement with RespiVert Ltd., a wholly owned subsidiary of Janssen Biotech, Inc. Through the in-license agreement, we gained access to a portfolio of novel drug candidates that we believe are well suited for formulation with our iSPERSE technology and offer an innovative approach for treating lung inflammation in diseases like chronic obstructive pulmonary disease, asthma, and idiopathic pulmonary fibrosis,” CEO Robert Clarke said in prepared remarks. “We believe that adding the Janssen compounds to our pipeline along with our lead inhaled antifungal program and our once-daily bronchodilator gives Pulmatrix a robust group of assets in development for unmet needs in major pulmonary diseases.”
PULM shares were trading at $1.71 apiece today in morning activity, down -5.6%.
