Cullgen Inc., a clinical-stage biopharmaceutical company with operations in China, the US, and Japan, is poised to merge with US-based Pulmatrix, Inc. (NASDAQ: PULM). The merger will result in a Nasdaq-listed entity focused on advancing targeted protein degradation technology, a promising field in drug development.
Cullgen’s uSMITE Technology Platform
Cullgen leverages its proprietary uSMITE technology platform, which features novel E3 ligands, to develop the next generation of targeted protein degraders and degrader-antibody conjugates (DACs). This technology is pivotal in creating innovative therapies that can precisely target and degrade disease-causing proteins, offering a novel approach to treating various conditions.
Pulmatrix’s Strategic Divestment
Concurrently, Pulmatrix plans to divest its assets, including its acute migraine candidate, PUR3100, and other development candidates based on its iSPERSE technology. This strategic move allows the combined entity to focus on the most promising areas of research and development in protein degradation.
Deal Terms and Pipeline
Under the merger agreement, stockholders of the pre-merger Pulmatrix and Cullgen are expected to own 3.6% and 96.4% of the combined company, respectively. The new entity, operating under the name Cullgen Inc., will possess degrader programs CG001419 and CG009301 in its pipeline. CG001419, an oral pan-TRK degrader, is in development for treating solid tumors and acute/chronic pain. CG009301, a GSPT1 degrader, is being evaluated for its efficacy in blood cancers, including relapsed/refractory acute myeloid leukemia (AML), higher-risk myelodysplastic syndrome (HR-MDS), and acute lymphoblastic leukemia (ALL).
Financial Projections and Strategic Partnerships
The combined company anticipates holding cash and cash equivalents of USD 65 million at the deal’s closing, providing ample funding to reach multiple clinical milestones and ensuring operational runway through 2026. In 2023, Cullgen successfully closed a Series C financing round led by AstraZeneca-CICC Venture Capital Partnership and established a strategic partnership with Astellas Pharma Inc. Beyond its current clinical programs, Cullgen is advancing several other targeted protein degraders and DACs, primarily for cancer and autoimmune disease treatments, including a cell cycle protein-targeting program co-developed with Astellas.-Fineline Info & Tech
Leave a Reply