Pulmatrix and Cullgen waive merger exclusivity clause

Pulmatrix Inc. (NASDAQ: PULM) and Cullgen Inc. have agreed to waive the "No Solicitation" clause in their merger agreement to allow both companies to explore alternative transactions while continuing to seek approval from China's securities regulator.

The companies signed the merger agreement in November 2024. Pulmatrix's Form S-4 filing was declared effective in May 2025, and stockholders approved the merger and related transactions in June 2025. The transaction still requires approval from the China Securities Regulatory Commission and Nasdaq's approval for listing shares to be issued in connection with the merger.

"We feel that it is appropriate to explore any opportunistic transactions that may benefit our respective companies while still seeking approval from the CSRC," said Peter Ludlum, interim chief executive officer of Pulmatrix.

Pulmatrix reported cash and cash equivalents of $4.8 million as of September 30, 2025. The company expects its cash position to fund operations into at least the fourth quarter of 2026 based on current operational efficiencies.

The biopharmaceutical company develops inhaled therapeutic products for migraine and respiratory diseases using its iSPERSE technology. Its patent portfolio includes approximately 146 granted patents, with 18 U.S.-granted patents and about 50 pending applications.

Pulmatrix's product pipeline includes PUR3100 for acute migraine treatment, which has received FDA acceptance for Phase 2 studies. The company also develops PUR1800 for chronic obstructive pulmonary disease and PUR1900, an inhaled antifungal drug developed with partner Cipla.

If the merger proceeds, Cullgen's business would continue as the combined company's operations, according to the press release.

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