Exhibit 99.1

 

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March 26, 2020

Pulmatrix Reports 2019 Financial Results and Provides Business Update

Initiated Phase 2 study evaluating Pulmazole for the treatment of ABPA

Entered licensing and development agreement with the Lung Cancer Initiative at Johnson & Johnson*

Entered into strategic partnership with Cipla Technologies LLC for the global development and commercialization of Pulmazole

LEXINGTON, MA, March 26, 2020 – Pulmatrix, Inc. (NASDAQ: PULM), a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE technology today reports its 2019 financial results and provides a business update.

“2019 was a transformative year at Pulmatrix marked by significant clinical and corporate milestones,” said Ted Raad, Chief Executive Officer of Pulmatrix. “We built significant momentum with regulatory accomplishments, strategic partnerships expanding our global reach, and most importantly, the advancement of both Pulmazole and PUR1800 programs. Our PUR1800 licensing agreement with the Lung Cancer Initiative at Johnson & Johnson and Pulmazole strategic partnership with Cipla Technologies LLC demonstrate the strength of Pulmatrix’s iSPERSE platform to enhance the safety and efficacy of promising drug candidates and we are thrilled to be collaborating with these leading, global partners.”

Mr. Raad continued, “On the clinical front, we initiated our ongoing Phase 2 clinical study of Pulmazole for the treatment of ABPA, which we believe has the potential to change the standard of care for patients with asthma and ABPA. In collaboration with Johnson & Johnson, we plan to initiate the PUR1800 Ph1b clinical study and chronic toxicology studies in mid-2020. In parallel, we are working to advance a new proprietary iSPERSE enabled 505(b)(2) program into the clinic in 2021. However, the novel coronavirus may adversely impact the planned timelines for each of these trials should institutions need to suspend enrollments or should we voluntarily suspend enrollment at sites due to risks related to the coronavirus. We will evaluate these issues on an ongoing basis.”

2019 and Recent Highlights:

 

   

Initiated Phase 2 trial evaluating Pulmazole, an inhaled iSPERSE formulation of the antifungal itraconazole, for the treatment of Allergic Bronchopulmonary Aspergillosis (“ABPA”) in patients with asthma.

 

   

Announced kinase inhibitor licensing and development agreement with the Lung Cancer Initiative at Johnson & Johnson. The agreement provides the Lung Cancer Initiative option to access a portfolio of narrow spectrum kinase inhibitors intended for development in lung cancer interception. Under the terms of the agreement, Pulmatrix received a $7.2M upfront payment with eligibility for additional milestone and royalty payments.


The following information was filed by Pulmatrix, Inc. (PULM) on Thursday, March 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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