Massacheusetts biotech company Pulmatrix has secured $14 million in additional funding from its existing investors, including Polaris Venture Partners, 5AM Ventures, Arch Venture Partners, and Novartis Venture Fund, bringing its total to $60 million. Terry McGuire, General Partner of Polaris Venture Partners commented, “We believe that Pulmatrix’s iCALM products have the potential to revolutionize the treatment and control of a number of respiratory diseases and to deliver meaningful clinical benefit to patients.”
The company will use the new proceeds for clinical studies of its lead candidate, PUR118, through Phase 2a in COPD and cystic fibrosis. Phase 1b studies of PUR118 in COPD patients are already underway. Pulmatrix recently launched its dry powder inhalation technology at the 2011 ISAM meeting, and the company is developing novel inhaled therapeutics for asthma and influenze in addition to COPD and CF.
CEO Robert Connelly noted, “This successful financing underscores our investor’s confidence in our team and our novel iCALM platform, allowing us to move forward aggressively to complete clinical studies that will begin to show the safety and therapeutic benefit of our inhaled therapeutics in COPD and cystic fibrosis. In addition, we will use this funding to enable the continued expansion of our proprietary inhaled therapeutic platforms to support our business strategy of building a robust product pipeline.”
Read the Pulmatrix press release.
