Benzinga | Apr 12, 2021 12:52PM EDT

Pulmatrix Stock Is Trading Lower After JNJ's Lung Cancer Initiative Terminates PUR1800 Licensing Pact

* Pulmatrix Inc (NASDAQ: PULM) will regain full rights to its narrow spectrum kinase inhibitor (NSKI) portfolio, including PUR1800, following Johnsons & Johnson's (NYSE: JNJ) Enterprise Innovation's decision to terminate the license agreement.

* Pulmatrix intends to continue developing PUR1800 with ongoing clinical and toxicology studies to support programs in acute exacerbations in COPD (AECOPD) and other chronic airway diseases.

* Dosing in the ongoing Phase 1b study of PUR1800 in AECOPD is ongoing. Topline data expected in Q4 2021.

* The company plans to initiate a PUR1800 Phase 2b proof-of-concept efficacy study to treat AECOP in 2021.

* Data from 6 and 9-month long-term toxicology studies are expected in Q3 2021.

* Shares of Pulmatrix shot up a massive 88.37% to $1.62 by close of trading on 2 January 2020, after it revealed it has entered into a licensing and development agreement with the Lung Cancer Initiative at Johnson & Johnson.

* Price Action: PULM shares are down 14.3% at $1.105 in the market trading session on the last check Monday.