PULMATRIX, INC. (NASDAQ:PULM) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On September5, 2017, Pulmatrix, Inc. (the “Company”) entered into a Feasibility and Development Agreement (the “Agreement”) with Vectura Limited (“Vectura”), to which the Company granted to Vectura an exclusive, sub-licensable, royalty-bearing license in its intellectual property portfolio related to its proprietary iSPERSE™ technology and any formulation of tiotropium and olodaterol formulated using iSPERSE™ technology (the “Company IP”), to develop and commercialize products in the United Stated that incorporate the Company IP. Vectura and/or its partners will be responsible for all future development costs to advance the products in the United States and will have sole discretion and responsibility with respect to such future development.
Under the Agreement, Vectura is obligated to use commercially reasonable efforts to conduct a feasibility study (the “Feasibility Study”) with respect to the utilization of Company IP in an inhaler device determined by Vectura according to a pre-agreed pharmaceutical development plan. Within 45 days of successful completion of the Feasibility Study, Vectura will pay the Company a one-time technology access fee of $1,000,000 in partial consideration for the rights granted by the Company to Vecutra. In addition, following the commencement of commercial sales of the licensed products, Vecutra will pay the Company a mid-teen percentage of any payments actually received by Vectura in connection with the commercialization of such products, including future combinations.
The Agreement remains in effect until the last sale of the last licensed product in the United States, unless earlier terminated. In addition, the Agreement may be terminated (i)by Vectura for any reason upon three months’ notice to the Company; (ii)by either party upon insolvency of, assignment for the benefit of creditors by, or the initiation of administration proceedings by or against, the other party; and (iii)by either party for a material breach which remains uncured following the cure period.
The Agreement also contains mutual confidentiality and indemnification obligations of the Company and Vectura.
On September6, 2017, the Company issued a press release announcing the Agreement. A copy of that press release is filed as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 1.01 | Financial Statements and Exhibits. |
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Exhibit Number |
Description |
| 99.1 | Press release dated September6, 2017. |
Pulmatrix, Inc. ExhibitEX-99.1 2 d447441dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Pulmatrix Licenses Inhaled COPD Drug PUR0200 to Vectura Group plc The agreement will accelerate the development of the innovative inhaled drug LEXINGTON,…To view the full exhibit click here
About PULMATRIX, INC. (NASDAQ:PULM)
Pulmatrix, Inc. is a clinical stage biopharmaceutical company developing inhaled therapies to address serious pulmonary disease. The Company’s product pipeline is focused on advancing treatments for rare diseases, including PUR1900, an inhaled anti-fungal for patients with lung disease, including cystic fibrosis. In addition, the Company focuses on pulmonary diseases through collaboration with partners, including PUR0200, a generic in clinical development for chronic obstructive pulmonary disease.
