Thinly traded nano cap Pulmatrix (NASDAQ:PULM) is up 49% premarket on robust volume in reaction to its license and development deal with Johnson & Johnson’s (NYSE:JNJ) Lung Cancer Initiative for a lineup of narrow-spectrum kinase inhibitors.
Lead candidate is RV1162/PUR1800, based on PULM’s iSPERSE dry powder technology which enhances the efficacy of inhaled therapeutics.
Under the terms of the agreement, PULM will receive $7.2M upfront, a $2M milestone upon the completion of a Phase 1b study evaluating RV1162/PUR1800 in chronic obstructive pulmonary disease (COPD) patients, up to $91M in additional milestones if the Lung Cancer Initiative exercises its option to develop the kinase inhibitors and royalties on net sales.
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