Pulmatrix to divest iSPERSE patent portfolio amid merger with Cullgen.

Pulmatrix is focused on completing its proposed merger with Cullgen, a clinical-stage biopharmaceutical company. The merger, subject to certain closing conditions, will create a Nasdaq-listed company focused on targeted protein degradation technology with three degrader programs in Phase 1 clinical trials. As part of the merger, Pulmatrix is in the process of potentially divesting its patent portfolio for its iSPERSE technology and three related clinical programs.

Pulmatrix, Inc. (Nasdaq: PULM) has been focused on advancing its proposed merger with Cullgen, a clinical-stage biopharmaceutical company. The merger, subject to certain closing conditions, is anticipated to close in 2025 and will create a Nasdaq-listed company focusing on targeted protein degradation technology. This technology includes three degrader programs in Phase 1 clinical trials—two for cancer treatment and one for acute and chronic pain management.

As part of the merger, Pulmatrix is in the process of potentially divesting its patent portfolio for its proprietary iSPERSE™ technology and three related clinical programs. The iSPERSE™ technology is a patented dry powder delivery system designed to enhance the delivery of small or large molecule drugs to the lungs via inhalation. Pulmatrix's patent portfolio related to iSPERSE™ includes approximately 146 granted patents, with 18 granted U.S. patents, and about 54 pending applications in various jurisdictions.

The second quarter financial results for Pulmatrix, as of June 30, 2025, reflect a decrease in revenues and expenses. Revenues decreased by approximately $1.6 million to $0, primarily due to the completion of the wind-down of the PUR1900 Phase 2b clinical trial. Research and development expenses decreased by approximately $2.8 million to less than $0.1 million, driven by the winding down of the PUR1900 Phase 2b clinical trial and related activities. General and administrative expenses decreased by approximately $0.5 million to $1.5 million, primarily due to reduced employment and operating costs.

Pulmatrix's total cash and cash equivalents balance as of June 30, 2025, was $5.8 million. The company anticipates that its cash position is sufficient to fund its operations at least through the anticipated closing of the proposed merger with Cullgen.

The proposed merger is expected to close in 2025, subject to the satisfaction of various closing conditions, including approval from Nasdaq and the China Security Regulatory Commission. If the merger is completed, Cullgen's business will continue as the business of the combined company.

References:
[1] https://www.prnewswire.com/news-releases/pulmatrix-announces-second-quarter-2025-financial-results-and-divestment-plan-for-inhalation-assets-302522900.html