This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Pulmatrix, Inc. is a clinical-stage biotechnology company whose primary business activity is the development of inhaled therapeutic products. A core component of its research and development pipeline involves preclinical testing on animals. The company's lead candidate, PUR1800, an inhaled drug for acute respiratory distress syndrome, and its other programs require animal studies to establish safety and efficacy profiles before advancing to human clinical trials. This reliance on animal testing places its operations within the scope of commercial animal exploitation.
The company's collaboration and licensing agreements, such as its partnership with Sensory Cloud, Inc. for certain development programs, further institutionalize this business model. These agreements include covenants restricting the licensing or assignment of related intellectual property, indicating a long-term strategic commitment to therapeutic areas dependent on animal data. While specific recent violation data is not detailed in the gathered evidence, the company's fundamental research and development process is predicated on the commercial exploitation of animals.
Pulmatrix, Inc. is a clinical-stage biopharmaceutical company developing inhaled therapeutic products. Its drug development pipeline, as documented in its annual SEC filings, requires the completion of preclinical laboratory and animal testing as a standard regulatory step. The company’s funded research includes animal studies, such as a 2015 efficacy and safety study for an inhaled product that was explicitly funded by Pulmatrix.
This reliance on animal testing is inherent to its business model. As a company focused on bringing new inhaled drugs to market, Pulmatrix conducts and funds animal research to satisfy regulatory requirements for investigational new drug applications and to advance its clinical programs.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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