On Tuesday, the Lexington, Mass.-based company said that it initiated a 1-for-10 reverse split of its common stock, putting a single share in the hands of each shareholder for each 10 shares they previously owned.
Shares began trading on a split adjusted basis on Wednesday, Pulmatrix said. The number of authorized shares of common stock will remain at 200 million, Pulmatrix said in a press release, with the number of outstanding shares reduced from approximately 63.2 million to 6.3 million.
No fractional shares were issued in the split.
In a separate release, also posted on Tuesday, Pulmatrix announced the closing of a public offering of approximately 5.3 million shares at a price of 17¢ per share, which brought in gross proceeds of approximately $905,000.
Net proceeds from the round are slated to support working capital and general corporate purposes, according to a press release.
Also this week, Pulmatrix said that the FDA approved a Phase II trial of the company’s inhaled formulation of the anti-fungal drug itraconazole for the treatment of allergic bronchopulmonary aspergillosis in people with asthma.