Pulmatrix Terminated Merger Agreement by Cullgen
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 02 2026
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Pulmatrix announced that on February 28, Cullgen notified Pulmatrix that Cullgen was terminating the Merger Agreement and related transactions thereunder. This termination follows the December 2025 press release announcing that Pulmatrix and Cullgen had mutually agreed to waive the "No Solicitation" clause in the Merger Agreement in order to permit each party to explore alternate transactions in the period until closing. At this time, Pulmatrix continues to pursue alternative merger opportunities. Peter Ludlum, Interim Chief Executive Officer of Pulmatrix, commented, "Due to the significant delays at the Chinese Regulatory Authority in 2025, we initiated a process earlier this year to identify an alternative reverse merger opportunity for the company, and we are encouraged by both the interest we've had to date as well as the recent increase in transaction activity within our industry."
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About PULM
Pulmatrix, Inc. is a biopharmaceutical company. The Company is focused on the development of novel inhaled therapeutic products intended to prevent and treat migraine and respiratory diseases with unmet medical needs using its patented iSPERSE technology. The Company’s proprietary product pipeline includes treatments for central nervous system (CNS) disorders such as acute migraine and serious lung diseases such as Chronic Obstructive Pulmonary Disease (COPD) and allergic bronchopulmonary aspergillosis (ABPA). Pulmatrix’s product candidates are based on its proprietary engineered dry powder delivery platform, iSPERSE, which seeks to enhance therapeutic delivery to the lungs by optimizing pharmacokinetics and reducing systemic side effects to improve patient outcomes. iSPERSE is a proprietary technology that allows a broad range of drugs to be formulated as small, dense, and dispersible particles for efficient drug delivery and deep penetration into the lungs.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Conversion Price: The preferred stock has a conversion price of $2.20 per share, allowing holders to convert into common stock after 90 days from issuance, providing investors with a potential capital appreciation opportunity that could attract further market interest.
- Merger Process: This financing is part of Pulmatrix's planned merger with Eos, indicating that the company has gained investor confidence during the acquisition process, which may lay the groundwork for future business integration and enhance market competitiveness.
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- Conversion Price: The preferred stock has a conversion price of $2.20 per share, allowing holders to convert into common stock after 90 days from issuance, providing investors with a potential capital appreciation opportunity that could attract further market interest.
- Merger Process: This financing is part of Pulmatrix's planned merger with Eos, indicating that the company has gained investor confidence during the acquisition process, which may lay the groundwork for future business integration and enhance market competitiveness.
- Shareholder Voting Rights: Holders of the Series B Preferred Stock have voting rights equivalent to common stockholders, which not only enhances investor engagement but may also have significant implications for future corporate governance and decision-making processes.
See More
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See More
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- Financing Support: The merger is backed by $19 million in new private financing, including a $1 million investment into Pulmatrix and bridge financing for Eos, which will facilitate the advancement of Eos's lead candidate PTC-2105, indicating strong market confidence in the technology.
- Technological Innovation: Eos's MitoXcel AI-driven geropeptide technology aims to improve body composition by increasing lean mass and reducing visceral fat rather than merely focusing on weight loss, showcasing the company's innovative approach in obesity treatment that could redefine traditional methodologies.
- Shareholder Structure Change: Following the merger, Pulmatrix shareholders are expected to own about 6% of the combined company, while Eos shareholders and financing participants will hold approximately 94%, reflecting Eos's dominant position in the merger, which is anticipated to close in mid-2026.
See More
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- Merger Announcement: Pulmatrix Inc. has announced a definitive agreement to merge with Eos Senolytix Inc., with the transaction expected to close in mid-2026, marking a significant strategic expansion for the company as it will trade under the name Eos Senolytix on Nasdaq.
- Equity Structure Change: Post-merger, pre-merger Pulmatrix shareholders are expected to own approximately 6% of the combined entity, while Eos shareholders will hold about 94%, which will influence future governance and decision-making processes within the new company.
- Financing Support: The transaction includes $19 million in private financing, which features a $1 million investment in Pulmatrix, with proceeds aimed at supporting the development of Eos's MitoXcel platform and its lead clinical candidate PTC-2105, targeting age-related diseases.
- Leadership Transition: Following the merger, Eos CEO Kevin Slawin is expected to lead the combined company, a leadership change that could significantly impact the strategic direction and market performance of the new entity.
See More
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- Company Overview: Pulmatrix Inc. is a combined company that is expected to trade on NASDAQ.
- Ticker Symbol: The company's trading symbol will be "EOSX."
See More
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Funding Announcement: Pulmatrix Inc. has secured $19 million in financing to advance its clinical candidate PTc-2105.
Target Indications: The funding will support the development of PTc-2105 for the treatment of sarcopenia and age-related diseases.
See More
