Pulmatrix and Cullgen have announced a proposed merger to form a Nasdaq-listed company focusing on targeted protein degradation technology. The combined entity will have three degrader programs in or about to initiate Phase 1 clinical trials, targeting cancer and pain treatment. The merger is expected to provide approximately $65 million in cash and cash equivalents, funding clinical milestones through 2026. Pulmatrix plans to divest its assets, including its acute migraine candidate, PUR3100.