Pulmatrix (NSDQ:PULM) yesterday priced an upcoming offering looking to raise approximately $14.4 million.

The Lexington, Mass.-based company said that it plans to float approximately 10.7 million units at a price of $1.35 per unit. Each unit in the offering is comprised of one share of common stock and one warrant to purchase a single share of common stock.

The offering also includes a 30-day underwriter’s option to purchase an additional 1.6 million shares of common stock or warrants to purchase 1.6 million shares. All units in the round are being offered by Pulmatrix, the company said.

Each warrant in the offering has an exercise price of $1.35 per share, and is exercisable immediately with an expiration five years from the date of issuance, the company said.

Pulmatrix said  that it expects to collect gross proceeds of approximately $14.4 million prior to underwriting discounts and commissions, and that it plans to use net proceeds for research and development of its therapeutic candidates, including Pulmazole, as well as for working capital and general corporate purposes.

In February, Pulmatrix announced both a 1-for-10 reverse split of its stock and the closing of an offering which brought in approximately $905,000.