Shares in Pulmatrix (NSDQ:PULM) remained steady after the biopharmaceutical company released its 3rd quarter results.
The Lexington, Mass.-based company 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 (NSDQ:MYL) as the cause of its drastic decrease in revenue.
“We are pleased with our continued progress and the awareness we are building around our proprietary iSPERSE inhaled drug delivery platform,” CEO Robert Clarke said in prepared remarks. “We continue to advance the use of this technology and continue to seek to leverage this platform to develop a differentiated product pipeline targeting the treatment of serious pulmonary disorders. Last quarter, in collaboration with Mylan, we announced favorable pharmacokinetic data for PUR0200 in chronic obstructive pulmonary disease (COPD) which supports accelerated development in the EU via the Pharmacokinetic Bioequivalence Regulatory Guidance.”
PULM shares were trading at $1.03 apiece today in morning trading, up +0.98%.
