Pulmatrix: J&J Terminates License, Development, Commercialization Pact
By Colin Kellaher
Pulmatrix Inc. on Monday said Johnson & Johnson has
terminated its lung-cancer license, development and
commercialization agreement with the company.
The Lexington, Mass., clinical-stage biopharmaceutical company
said that as a result of the termination, it will regain full
rights to its narrow spectrum kinase inhibitor portfolio, including
Pulmatrix early last year announced the agreement with J&J's
Lung Cancer Initiative under which the company received a $7.2
million upfront payment and was eligible for more than $90 million
in milestone payments.
Pulmatrix said it plans to continue the development of PUR1800,
with ongoing clinical and toxicology studies to support programs in
acute exacerbations in chronic obstructive pulmonary disease and
other chronic airway diseases.
Pulmatrix shares, which closed Friday at $1.29, fell more than
10% in premarket trading.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires
April 12, 2021 09:39 ET (13:39 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.