Pulmatrix announced its entry into a Binding Term Sheet with Cipla Technologies, a subsidiary of Cipla for the co-development and commercialization of Pulmazole – an inhaled iSPERSE formulation of the anti-fungal drug itraconazole for the treatment of allergic bronchopulmonary aspergillosis in patients with asthma. The Binding Term Sheet lays the groundwork for entry into a definitive agreement with Cip Tec during the second quarter. Per the Binding Term Sheet, subject to entry into the definitive agreement, Cip Tec will make an upfront payment of $22M to Pulmatrix in exchange for an assignment of all rights to Pulmazole to Cip Tec. However, following this assigning, Pulmatrix will retain the right to receive 50% of the free cash flow from future sales of Pulmazole. In addition, Pulmatrix will remain primarily responsible for the implementation of the clinical development of Pulmazole and Cip Tec will be responsible for implementation of the commercialization of the product. Entry into a definitive agreement is contingent upon, Pulmatrix having at least $15M in unencumbered funds.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.