Pulmatrix Advances Cullgen Merger, Waives No-Solicitation Clause; Seeks iSPERSE Licensing
Pulmatrix continues to seek CSRC approval for its proposed merger with Cullgen, having waived the no-solicitation clause to pursue alternative transactions while advancing the deal. It is pursuing licensing of its iSPERSE technology and three clinical programs—IND acceptance for Phase2-ready PUR3100—and holds 149 granted patents with 48 pending applications.
1. Proposed Merger with Cullgen
Pulmatrix and Cullgen entered into a merger agreement on November 13, 2024, with amendments through May 2025. Both parties waived the no-solicitation clause on December 17, 2025, to explore alternative transactions while still pursuing approval from the China Securities Regulatory Commission and Nasdaq listing for the combined entity.
2. Licensing and Monetization Strategy
In conjunction with the merger process, Pulmatrix is actively pursuing licensing or partnership agreements for its proprietary iSPERSE™ dry-powder inhalation technology and related clinical assets. Discussions target monetization of three clinical programs to unlock value ahead of closing conditions.
3. iSPERSE™ Patent Portfolio
As of December 31, 2025, Pulmatrix’s iSPERSE patent family includes 149 granted patents—18 in the U.S.—and 48 pending applications across multiple jurisdictions, supporting inhaled therapeutics for migraine and respiratory diseases.
4. Clinical Pipeline Highlights
The company’s Phase 2-ready asset PUR3100 has received FDA IND acceptance and a ‘study may proceed’ letter for acute migraine trials. PUR1800 demonstrated safety in a Phase 1b AECOPD study, while PUR1900 is approved for Phase 3 testing in India under partnership with Cipla.