Pulmatrix raises $3m in offering

Pulmatrix (NSDQ:PULM) said this week that it inked a deal with an institutional investor to sell 9,375,000 shares of common stock at
32¢ apiece.

The Lexington, Mass.-based company expects to reel in $3 million in total gross proceeds from the offering.

Pulmatrix also agreed to issue unregistered warrants to the same investor in a private placement to buy up to one share of common stock for each share or common stock bought with an exercise price of 39¢ per share. The warrants will be exercisable six months after the date they were issued, the company said, and will expire five and half years later.

Pulmatrix expects the offering to close on Dec. 3.

Earlier this month, Pulmatrix touted the final results of its first-in-human study of Pulmazole – an inhaled formulation of the anti-fungal drug itraconazole for the treatment of allergic bronchopulmonary aspergillosis in people with asthma.

According to the results of the study, Pulmazole was well tolerated in normaly healthy subjects at doses up to 35 mg over 14 days of dosing. Single doses of Pulmazole at 20 mg were safe and well tolerated in participants with asthma, the company noted.

Pulmatrix also reported that patients experienced sustained low-level systemic exposure after single and multiple doses over 24 hours following drug administration. The most common adverse event reported during the study was a mild cough during dosing.

The company expects to launch a Phase II trial in Q4 this year to test the drug as a therapy for allergic bronchopulmonary aspergillosis in people with asthma.

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