Pulmatrix and Cullgen Continue to Pursue Merger While Granting Each Other Waivers to Explore Alternatives

Core Viewpoint - Pulmatrix and Cullgen have agreed to waive the "No Solicitation" clause in their Merger Agreement to explore alternative transactions while seeking approval from the China Securities Regulatory Commission (CSRC) for their merger [1][2]. Merger Agreement Details - The Merger Agreement between Pulmatrix and Cullgen was signed on November 13, 2024, and amended on April 7, 2025 [3]. - The Form S-4 filing related to the merger was declared effective in May 2025, and stockholders approved the merger in June 2025 [2][4][5]. - The closing of the merger is contingent upon Nasdaq's approval and CSRC's approval [5]. Financial Position - As of September 30, 2025, Pulmatrix had a total cash and cash equivalents balance of $4.8 million, which is expected to fund operations into at least the fourth quarter of 2026 [6]. Clinical Assets and Technology - Pulmatrix's proprietary iSPERSE™ technology is designed for inhaled therapeutic products aimed at treating migraine and respiratory diseases [13]. - The company has a pipeline that includes PUR3100, a Phase 2-ready asset for acute migraine treatment, and PUR1800, a Narrow Spectrum Kinase Inhibitor for chronic obstructive pulmonary disease [8][16]. - Pulmatrix's patent portfolio related to iSPERSE™ includes approximately 146 granted patents and about 50 pending applications [9]. Collaboration and Future Development - Pulmatrix is collaborating with Cipla on the development of PUR1900, an inhaled formulation of itraconazole, which is undergoing clinical trials in India [16].