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.