Pulmatrix (NSDQ:PULM) today priced an underwritten public offering of 23,500,000 units, including one share of common stock, one Series A warrant to buy one share of common stock and one Series B warrant to buy one share of common stock per unit.
The Lexington, Mass.-based company also gave underwriters a 30-day option to buy an additional 1,150,000 units. Pulmatrix reported that it expects to bring in approximately $15.2 million from the offering.
The company priced each Series A warrant at 65¢ apiece, set to expire six months after issuance, and each Series B warrant at 75¢, set to expire five years following the date of issuance.
Pulmatrix’s offering, which is slated to close on April 3, will support the group’s R&D efforts.
Last month, the company announced that the first patient was treated in a first-in-human study of Pulmazole – an inhaled formulation of the anti-fungal drug, itraconazole.
Pulmatrix is evaluating its iSperse formulation of the drug as a treatment for asthma patients who have developed allergic bronchopulmonary aspergillosis.
Patients with ABPA are usually given oral itraconazole as an adjunctive treatment to corticosteroids, but the drug is limited thanks to its poor bioavailability and variable pharmacokinetics, according to Pulmatrix. The company hopes that by delivering itraconazole directly to the lung, it can improve upon the drug’s safety and efficacy profile.