Pulmatrix (NSDQ:PULM) said yesterday that it inked a deal with Cipla to co-develop and commercialize an inhaled iSperse formulation of the anti-fungal drug itraconazole, intended for treating allergic bronchopulmonary aspergillosis in asthma patients.
Lexington, Mass.-based Pulmatrix said that it in the deal, Cipla’s Cipla Tech subsidiary will make an upfront payment of $22 million to Pulmatrix in exchange for the rights to Pulmazole for pulmonary indications.
Both companies will share costs related to the future development and commercialization of Pulmazole, as well as income from future sales of Pulmazole.
Pulmatrix said that it will remain primarily responsible for executing the clinical development of Pulmazole, while Cipla will manage commercialization.
“Cipla’s expertise in respiratory drug development and manufacturing strengthens our development program while its global commercialization experience and footprint will enable us to bring this novel therapeutic option to patients suffering from ABPA. This is also an important financial milestone for the company, securing adequate funds to complete the Pulmazole Phase 2 study, along with 50% commitment from Cip Tec for future Pulmazole development and commercialization costs while retaining worldwide rights to 50% of the free-cash-flow from future revenues,” Pulmatrix CEO Robert Clarke said in a prepared statement.
“Pulmazole will be Cipla’s entry into the branded respiratory space and will serve a vital unmet medical need for the treatment of ABPA, a condition that possibly impacts over two million patients worldwide but has no labelled drug. Pulmatrix has a capable development team and a strong intellectual property estate through its iSperse delivery platform. This creates potential to expand the scope of this collaboration and extract synergies from Cipla’s long-established in-house capability in the development of inhalation therapy solutions,” Cipla global CEO Umang Vohra said in a press release.
Earlier this month, Pulmatrix priced an upcoming offering looking to raise approximately $14.4 million.
