By Colin Kellaher
Pulmatrix Inc. on Monday said Johnson & Johnson has terminated its lung-cancer license, development and commercialization agreement with the company.
The Lexington, Mass., clinical-stage biopharmaceutical company said that as a result of the termination, it will regain full rights to its narrow spectrum kinase inhibitor portfolio, including PUR1800.
Pulmatrix early last year announced the agreement with J&J's Lung Cancer Initiative under which the company received a $7.2 million upfront payment and was eligible for more than $90 million in milestone payments.
Pulmatrix said it plans to continue the development of PUR1800, with ongoing clinical and toxicology studies to support programs in acute exacerbations in chronic obstructive pulmonary disease and other chronic airway diseases.
Pulmatrix shares, which closed Friday at $1.29, fell more than 10% in premarket trading.
Write to Colin Kellaher at email@example.com
(END) Dow Jones Newswires