The stock of Pulmatrix Inc (NASDAQ:PULM) closed at $2.14 gaining 5.17% in yesterday’s trading session. This company has collaborated with Vectura Group in a deal that will see the two manufacture Pulmatrix’s drug candidate, PUR0200.The drug will help treat chronic obstructive pulmonary disease for the wide U.S market. Vectura together with its partners will be entrusted with all the future development costs to advance the product in the U.S.
Pulmatrix will be the one offering the data package for PUR0200.Asides from that, it will also be playing a role in the transfer of development and manufacturing activities to Vectura. The successful achievement of the pre-agreed pharmaceutical development criteria will require the payment of a $1 million fee as a technology access fee to Pulmatrix.
Vectura has diverse experience with the innovative dry powder delivery technologies and the inhaled drugs. The Chief Executive Officer of Pulmatrix, Robert W. Clarke opined, “By out-licensing the program to Vectura, PUR0200 is in the hands of a partner with a demonstrated ability to develop drugs for COPD and allows Pulmatrix to focus on our product pipeline including PUR1900 and PUR1800.”
Vectura intends to use its innovative dry power inhaler device technology to manufacture PUR0200, with the aim of offering a better device format of PUR0200 as well as services to patients. Pulmatrix’s proprietary product pipeline will go along way helping deal with severe rare conditions.
Recently, Pulmatrix Inc collaborated with a number of institutional investors in a deal that had them purchase an aggregate of approximately $3.33 million of shares of common stock. The company hoped that the move would help sharpen its competitive edge in a market where competition has been growing pretty wild.
The chronic obstructive pulmonary disease is a condition that quite a large number of people have been struggling with for many years. They have been moving out in search of solutions but it has been pretty difficult. However, most of them are hoping to reap from the wide array of benefits that will be coming along with the company’s product.