November 13, 2024 — Pulmatrix and Cullgen have announced a merger to form a Nasdaq-listed entity, focusing on targeted protein degradation. Promising clinical trials in cancer and pain management are currently underway. The merger, expected to be finalized by March 2025, will result in Cullgen shareholders holding the majority stake. This strategic move is aimed at enhancing growth through Cullgen's innovative drug development platform. The combined company is projected to hold approximately $65 million in funds to support multiple clinical milestones.

In 2023 Cullgen completed a Series C financing led by AstraZeneca-CICC Venture Capital Partnership, and also announced a strategic partnership with Astellas Pharma Inc. HLC co-led the Series A financing round in 2019, accompanying the company's every step in the field of protein degradation technology research and development.