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Print Edition StoriesMonday, November 2, 2009
Pulmatrix lands $32M in multiple fundings
By Mass High Tech staff
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Lexington biotech firm Pulmatrix Inc. has received an influx of funding through the close of a $30.2 million Series B financing round and a grant of $2.2 million from the National Institute of Allergy and Infectious Diseases (NIAID), a division of the National Institutes of Health.
Pulmatrix aims to prevent the spread of airborne and respiratory infectious diseases in animals and humans with inhaled drugs and supporting technologies.
The company received its second round of funding led by Arch Venture Parters and Novartis Bioventures Fund, along with return backing from Polaris Venture Partners and 5AM Ventures. The financing, Pulmatrix officials reported in a press release, will be directed to moving product developments into clinical trials addressing a number of respiratory diseases.
Additionally, the financing will support the company’s PUR003 drug compound in Phase 1B/2A clinical trials for influenza — the same technology that attracted the NIAID’s $2.2 million grant award. NIAID marked the drug compound as a potential development for the organization’s Strategic Plan for Biodefense Research. PUR003 returned positive Phase 1 study results with high tolerability for all doses. In May, Mass High Tech highlighted Pulmatrix’ PUR003 as a potential treatment for the H1N1 virus.
Pulmatrix was founded in 2003 by scientists from Harvard University and MIT.
Earlier this year, the company secured $3.5 million of a sought-after $4 million in venture capital funding.
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