Pulmatrix Inc (NASDAQ:PULM) is in the news all for the right reasons. Pulmatrix Inc (NASDAQ:PULM) announced that its drug candidate for treating fungal infections in the lungs of CF patients, PUR1900, has been designated as a “Qualified Infectious Disease Product” (QIDP) by the U.S. Food & Drug Administration. The news has been received positively by WallStreet resulting in a buying frenzy.
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The Barchart Technical Opinion rating is a 72% Buy with a Strongest short term outlook on maintaining the current direction. Longer term, the trend strength is Maximum. Long term indicators mostly agree with the trend. The market is approaching overbought territory. Be watchful of a trend reversal.
Pulmatrix, Inc. is a biopharmaceutical company which is engaged in developing inhaled therapies for serious pulmonary disease. The Company’s proprietary product pipeline includes PUR1900, an inhaled anti-fungal for cystic fibrosis, PUR0200, a branded generic for chronic obstructive pulmonary disease which are in different clinical stage. Its technology platform consists of iSPERSE. Pulmatrix, Inc., formerly known as Ruthigen, Inc., is based in Lexington, MA.
In a letter to Pulmatrix, the FDA wrote: “We have reviewed your request and conclude that it meets the criteria for QIDP. Therefore we are designating your Itraconazole Inhalation Powder (PUR1900) product for inhalation use as a QIDP for….treatment of pulmonary Aspergillus infections in patients with cystic fibrosis.”
“I hope we can impress investors with our science and our long-term deliverables which will benefit patients and investors alike,” said Clarke CEO Pulmatrix.