Pulmatrix and Mylan Enter Into ex-U.S. Development Agreement for PUR0200

PRESS RELEASE

LEXINGTON, Mass.

and

HERTFORDSHIRE, England

and

PITTSBURGH

,

June 16, 2015

/PRNewswire/ -- Pulmatrix, a clinical stage biopharmaceutical company developing innovative inhaled therapies for serious pulmonary diseases, today announced that it has entered into an ex-U.S. development agreement with Mylan N.V. (Nasdaq: MYL), one of the world's leading global pharmaceutical companies. The agreement is for PUR0200, a clinical stage bronchodilator therapy being studied for chronic obstructive pulmonary disease (COPD) and the first small molecule formulation from the company's novel iSPERSE™ inhaled dry powder technology. PUR0200 is under development as a once-daily therapy in a capsule-based dry powder inhaler (DPI).

PUR0200 contains a long-acting muscarinic agent (LAMA) being studied for the treatment of COPD and current clinical development is focused on pharmacokinetic bioequivalence in

Europe

. According to IMS Health, global sales of LAMA monotherapies for COPD are approximately

$5 billion

for the 12 months ending

Dec. 31, 2014

with

$1.5 billion

in sales outside the U.S. Continued development work under the agreement will initiate in 2015.

Robert Clarke

, CEO of Pulmatrix, said: "Our agreement with Mylan for the development of PUR0200 is a major step for Pulmatrix and the continued development of our iSPERSE technology. At the current stage of development of PUR0200 and goals of the program, Mylan is the ideal partner to bring this product forward for COPD patients."

Mylan President

Rajiv Malik

said: "Mylan is excited to partner with Pulmatrix on this potential generic LAMA DPI opportunity. This collaboration demonstrates our continued commitment to building our global respiratory pipeline, a key strategic growth driver for the company."

Under the terms of the agreement, Pulmatrix will lead the development work and pharmacokinetic clinical study with collaborative support from Mylan. Mylan has retained an option for PUR0200 ex-U.S. based on successful completion of the clinical study. Financial terms of the agreement are confidential.