{"id":828470,"date":"2025-03-21T08:08:44","date_gmt":"2025-03-21T12:08:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/pulmatrix-announces-year-end-and-fourth-quarter-2024-financial-results-and-divestment-plan-for-assets\/"},"modified":"2025-03-21T08:08:44","modified_gmt":"2025-03-21T12:08:44","slug":"pulmatrix-announces-year-end-and-fourth-quarter-2024-financial-results-and-divestment-plan-for-assets","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pulmatrix-announces-year-end-and-fourth-quarter-2024-financial-results-and-divestment-plan-for-assets\/","title":{"rendered":"Pulmatrix Announces Year-End and Fourth Quarter 2024 Financial Results and Divestment Plan for Assets"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n Announced merger agreement with Cullgen in November, anticipated to close in the first half of 2025<\/i>\n <\/p>\n

\n As part of proposed merger, Pulmatrix intends to divest its assets including its Phase 2-ready acute migraine candidate, PUR3100, and other development candidates based on its iSPERSE\u2122 technology<\/i>\n <\/p>\n

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\n FRAMINGHAM, Mass.<\/span>
\n <\/span>, March 21, 2025<\/span><\/span> \/PRNewswire\/ — Pulmatrix, Inc.<\/a>\u00a0(“Pulmatrix” or the “Company”) (Nasdaq: PULM), a biopharmaceutical company that has focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with important unmet medical needs using its patented iSPERSE\u2122 technology, today announced fourth quarter and year-end financial results for 2024 and provided a corporate update.<\/p>\n

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\n \"(PRNewsfoto\/Pulmatrix,
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\n Peter Ludlum<\/span>, Interim Chief Executive Officer of Pulmatrix, commented, “Our focus in the fourth quarter has been to advance the proposed merger with Cullgen, a privately held, clinical-stage biopharmaceutical company applying its proprietary targeted protein degradation uSMITE\u2122 platform to discover and advance therapeutics for the treatment of cancer and other diseases. If successful, the proposed merger would create a Nasdaq-listed company focusing on targeted protein degradation technology with three degrader programs in or about to initiate Phase 1 clinical trials \u2013 two for the treatment of cancer and one for the treatment of acute and chronic pain. As part of the proposed merger, Pulmatrix is in a process to divest its clinical assets, including iSPERSE\u2122 and our Phase 2 ready acute migraine product.”<\/p>\n

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\n Proposed Merger with Cullgen<\/i>
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As previously reported, on November 13, 2024<\/span>, following a review of strategic alternatives, the Company announced it had entered into an agreement and plan of merger (the “Merger Agreement” and such transaction, the “Merger”) with Cullgen Inc. (“Cullgen”). The Merger is anticipated to close in the first half of 2025, subject to the satisfaction of certain closing conditions, among others, however the exact timing of the consummation of the Merger cannot be predicted.<\/p>\n

Additional information about the Merger Agreement was previously disclosed on a Current Report on Form 8-K filed with the SEC on November 13, 2024<\/span>, and in a registration statement on Form S-4 filed with the SEC on February 14, 2025<\/span>.<\/p>\n

\n Pulmatrix Seeking Divestment of Clinical Assets and Proprietary iSPERSE\u2122 Technology<\/b>\n <\/p>\n

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\n PUR3100<\/i>
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