• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Advertise
  • Subscribe

Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

Pulmatrix seeks to raise $5m in direct offering

January 30, 2017 By Sarah Faulkner

Pulmatrix seeks to raise $5m in direct offeringPulmatrix (NSDQ:PULM) said today that it landed an agreement with several institutional investors to purchase $5.0 million of shares of common stock in a registered direct offering.

The Lexington, Mass.-based company agreed to sell 2 million shares of common stock at $2.50 apiece. The offering is expected to close on Feb. 2.

Pulmatrix said it anticipates that the offering will bring in $4.5 million in net proceeds, which it plans to use for general corporate purposes and debt payments.

Rodman & Renshaw is the exclusive placement agent in connection with the offering.

The company’s shares soared this month after the company announced that its drug candidate for treating fungal infections in the lungs of cystric fibrosis patients was designated as a ‘qualified infectious disease product’ by the FDA.

With the designation, Pulmatrix won 5 years of market exclusivity for the drug candidate.

“The new QIDP designation is a significant boost to our efforts to make this drug available as quickly as possible to cystic fibrosis patients suffering from fungal lung infections,” Pulmatrix CEO Robert Clarke said in prepared remarks. “It will give us the benefit of an expedited regulatory review. Added to our existing FDA Orphan drug designation for PUR1900, it will give us a full 12 years of market exclusivity.”

Cystic fibrosis patients often experience allergic reactions when their lungs are infected with aspergillus fungus, according to Pulmatrix. Traditionally, doctors try to treat those infections with high doses of oral antifungals, but they can cause severe side effects and are not always effective.

Pulmatrix uses its dry powder iSperse technology in combination with itraconazole, a common oral antifungal, which enables the patient to inhale the drug directly into their lungs.

In November, the company reported that it reeled in its losses by -35% to -$3.2 million compared to Q3 last year. Revenue fell -91% compared with the same period last year to $61,000 for the 3 months ended Sept. 30.  Losses per share were -21¢.

Pulmatrix cited the conclusion of a clinical study funded by its collaboration with Mylan (NSDQ:MYL) as the cause of its drastic decrease in revenue.

PULM shares were trading at $2.44 apiece in mid-morning activity, down -27.8%.

Filed Under: Featured, Funding Roundup, Respiratory, Wall Street Beat Tagged With: Pulmatrix Inc.

IN CASE YOU MISSED IT

  • Elixir Medical reports sustained durability with bioadaptor compared to Medtronic stent
  • Senseonics closes public offering, private placement with Abbott
  • Embecta eyes shift from insulin delivery to broader medical supplies focus
  • Medtronic earns expanded CE mark for Prevail paclitaxel-coated balloon
  • Sequel Med Tech to pair automated insulin delivery system with Abbott’s future dual glucose-ketone sensor

Primary Sidebar

“ddb
EXPAND YOUR KNOWLEDGE AND STAY CONNECTED
Get the latest news and trends happening now in drug delivery.

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.

Footer

Drug Delivery Business News Logo

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Tubing + Extrusion
Medical Design & Outsourcing
MedTech100 Index
Drug Discovery & Development
Pharmaceutical Processing World
Medical Design Sourcing
R&D World

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery’s E-Newsletter
Advertise with us
About
Contact us
Privacy
Listen to our Weekly Podcasts

Copyright © 2025 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Privacy Policy | RSS