In 2015, the 2 companies inked an ex-U.S. development deal for PUR0200, Pulmatrix’s investigational bronchodilator for the treatment of chronic obstructive pulmonary disease. Mylan had an option on the rights to the COPD candidate, but reportedly did not exercise it.
Lexington, Mass.-based Pulmatrix’s portfolio revolves around its iSperse platform, which aims to improve the efficiency of inhaled drugs by engineering small, dispersible particles.
In February, the company said that unnamed institutional investors agreed to purchase approximately $3.3 million of shares of common stock in a direct offering. The company said it plans to sell 950,000 shares at $3.50 apiece.
Pulmatrix expects the offering to bring in $3.0 million in proceeds to use for general corporate purposes and paying off some of its debt.
The company saw its stock price soar in January after its drug candidate for treating fungal infections in the lungs of cystic fibrosis patients was designated as a ‘qualified infectious disease product’ by the FDA. Following the announcement, the company’s shares jumped 159% to $1.79 apiece.
With the designation, Pulmatrix will receive 5 years of market exclusivity for the drug candidate.
Since last month, the company’s stock has fluctuated, at times reaching prices as high as $6.69 apiece.
PULM shares were trading at $3.44 per share in afternoon trading activity today, up 7.5%.
In November, the company reported that it reeled in its losses by -35% to -$3.2 million compared to Q3 last year. Revenue fell -91% compared with the same period last year to $61,000 for the 3 months ended Sept. 30. Losses per share were -21¢.
Pulmatrix cited the conclusion of a clinical study funded by its collaboration with Mylan as the reason for its drastic decrease in revenue.