Lung Cancer Interception Portfolio Licensing Deal
Pulmatrix has entered a licensing and development agreement with the Lung Cancer Initiative at J&J, providing the latter an option to access a portfolio of narrow spectrum kinase inhibitors intended for development in lung cancer interception.
Lexington, Massachusetts-based Pulmatrix is engaged in the development of inhaled therapies to treat serious pulmonary diseases.
Pulmatrix said its iSPERSE platform has the ability to enhance the safety and efficacy profile of promising drug candidates.
"We applied the iSPERSE technology to RV1162/PUR1800, the lead in-licensed inhibitor and helped unlock its clinical potential by improving the product's profile from the original formulation," Pulmatrix CEO Ted Raad said in a statement.
The agreement provides for Pulmatrix receiving a $7.2-million upfront payment and an additional $2-million payment on completion of an ongoing Phase 1b study of RV1162/PUR1800 in stable chronic obstructive pulmonary disease patients.
The study is on track to be completed by year end 2020, Pulmatrix said.
The company stands to receive up to $91 million in additional development and commercial milestones, as well as royalty payments, if the Lung Cancer Initiative exercises the option on RV1162/PUR1800 and the kinase inhibitor portfolio.
Pulmatrix said it expects clinical data from the first of these inhibitors in 2020. In 2020, the company also expects data from its Phase 2 Pulmazole program. It also said it plans to introduce proprietary, wholly owned iSPERSE-enabled 505(b)(2) assets to its pipeline.
Pulmatrix shares were trading 90.7% higher at $1.64 at the time of publication Thursday.