Pulmatrix (NSDQ:PULM) announced today that it completed an offering with gross proceeds of approximately $40 million.
Lexington, Mass.-based Pulmatrix said in a news release that it completed the registered direct offering to extend the company’s cash runway.
Now, the company has additional financing to help fully fund data readouts across its development pipeline, which includes a Phase 1b study for its PUR1800 therapeutic, a Phase 1/2 study for PUR3100 and a Phase 2b study for Pulmazole.
In the PUR1800 study, three of 15 patients have been dosed as Pulmatrix seeks to observe the safety, tolerability and exploratory biomarkers to demonstrate target engagement and anti-inflammatory effect in treating lung cancer. The company expects Phase 1b topline data in the fourth quarter of this year.
The company had a Type C meeting with the FDA to further the development of Pulmazole for the treatment of allergic bronchopulmonary aspergillosis asthmatics. Pulmatrix dosed the first patient in its Phase 2 study for the drug in September 2019 and plans to initiate the Phase 2b study in the first quarter of 2022.
Finally, PUR3100 was used in a dog PK study as a dry powder, inhaled iSperse formulation of DHE, in which the company observed the iSperse formulation mitigating the manufacturing and device issues encountered with the MAP Pharmaceuticals inhaled formulation of DHE while maintaining similar exposure kinetics in treating acute migraine. Pulmatrix anticipates advancing into investigational new drug enabling toxicology studies with a Phase 1/Phase 2 study starting in the first quarter of 2022.
“We are very excited to have three iSperse-enabled programs with potential to address significant unmet need in lung cancer, allergic bronchopulmonary aspergillosis and acute migraine,” Pulmatrix CEO Ted Raad said in the release. “We have made significant advancements across every program and our now strengthened balance sheet leaves us well-positioned to execute across our diversified pipeline to key data readouts and get one step closer to bringing these important therapies to patients.”