• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

Pulmatrix jumps 8% on rumors of potential Mylan takeover bid

March 29, 2017 By Sarah Faulkner

Pulmatrix jumps 8% on rumors of potential Mylan takeover bidShares in Pulmatrix (NSDQ:PULM) jumped more than 8% today on rumors that the company’s collaboration partner Mylan (NSDQ:MYL) may be interested in a takeover bid.

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.

Filed Under: Drug-Device Combinations, Featured, Mergers & Acquisitions, Respiratory, Wall Street Beat Tagged With: Mylan, Pulmatrix Inc.

IN CASE YOU MISSED IT

  • FDA approves first targeted infusion therapy for HER2-low breast cancer
  • Abbott, WeightWatchers partner on diabetes care
  • Insulet up on Q2 sales beat, raised full-year guidance
  • Aptar acquires Orbital dry powder inhaler license
  • Tandem sinks on Q2 misses, slashed sales guidance

Primary Sidebar

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Drug Delivery Business News in a minute? We Deliver!
Drug Delivery Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Signup for the newsletter

Footer

Drug Delivery Business News Logo

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Tubing & Extrusion
Medical Design & Outsourcing
MedTech100 Index
Drug Discovery & Development
Pharmaceutical Processing World
Medical Design Sourcing
R&D World

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery’s E-Newsletter
Advertise with us
About
Contact us
Privacy
Listen to our Weekly Podcasts
Add us on FacebookFollow us on TwitterConnect with us on LinkedIn

Copyright © 2022 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS