"We reached a major milestone in the first quarter with the FDA providing approval to begin our planned Pulmazole Phase 2 clinical trial. With the closing of our recent financing in April and receipt of the upfront payment from Cipla related to the Definitive Agreement for the co-development and commercialization of Pulmazole, we currently have a cash balance of approximately $37 million which fully funds Pulmatrix beyond the completion of the Phase 2 trial that will begin this quarter," said Robert W. Clarke, Ph.D., chief executive officer of Pulmatrix.
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