In June 2023, Astellas Pharma Inc. announced a research collaboration and exclusive selection agreement with Cullgen for a total amount of up to $1.9 billion, with a $35 million advance payment and $85 million option exercise fee. Used for collaborative development of potential first in class protein degrading agents.
On November 13, 2024, Pulmatrix (NASDAQ: PULM) announced a merger agreement with Cullgen. At present, Cullgen has three degradation agent projects that are about to or are in the process of initiating phase I clinical trials. Two of the projects are used to treat cancer, and one project is used to treat acute and chronic pain. The merged company is expected to have approximately $65 million in cash and cash equivalents upon completion of the merger, providing funding for multiple clinical milestones and expected to sustain operations until 2026.

CG001419 is an oral pan TRK degrader in the clinical stage, and according to the data from Moen Pharmaceuticals, the relevant patent is listed in WO 2022100710; CG009301 is a candidate molecule for GSPT1 target that has entered clinical research. In addition to these three clinical projects, Cullgen is also advancing the development of several other targeted protein degrading agents and DACs, primarily for the treatment of cancer and autoimmune diseases, including a project targeting cell cycle proteins in collaboration with Astellas Pharmaceuticals.

According to the merger agreement, Pulmatrix plans to divest its assets, including its acute migraine drug candidate PUR3100 and other iSPERSE based drugs ™ Development of candidate drugs for technology.

According to the terms and conditions of the merger agreement, after the merger is completed, the shareholders of Pulmatrix before the merger are expected to hold approximately 3.6% of the shares of the merged company, and the shareholders of Cullgen before the merger are expected to hold approximately 96.4% of the shares. The merged company will operate under the name Cullgen, headquartered in San Diego, California, and listed on the NASDAQ Capital Market (NASDAQ). Pullmatrix shareholders will also receive a special cash dividend if the net cash upon completion of the Pullmatrix merger exceeds $2.5 million, subject to certain adjustments. The transaction is expected to be completed by the end of March 2025, but requires approval from shareholders and regulatory authorities.

After the merger, the executive management of the company will be led by Dr. Luo Ying, Chairman and CEO of Ruiyue Biotechnology, and the board of directors will add a representative from Pulmatrix.
In addition, according to Pharmaron, there are several domestic companies engaged in molecular gel and protein degradation, including Hengrui Pharmaceutical, Lingtai Biotechnology, Hezheng, Gebo Biotechnology, Dage Biotechnology, Hisilicon, BeiGene, Hejing Pharmaceutical, Hunuo Biotechnology, Duoyu, Yinuokang, Haichuang, Bingzhou Stone, Kangpu Biotechnology, Tongyi Pharmaceutical, Fendi Technology, Degen Biotechnology, Xinnuowei, Wuyuan Biotechnology, Yifang Biotechnology, Yituo Pharmaceutical, Tongyuan Kang, Huadong, Yuyao Biotechnology, Biaoxin Biotechnology, Shanghai Chaoyang, Beida Pharmaceutical, Qilu, Kaituo Pharmaceutical, Xingkang Original Biotechnology, Wanchun Seed, Jiayue, and so on.

Source: https://pharm.jgvogel.cn/c1465197.shtml