Pulmatrix (NSDQ:PULM) today updated pricing on an upcoming $3.3 million offering, looking to float 950,000 shares at $3.50 per share.
The company said it expects to collect $3.1 million after paying for placement agent fees, which it calculated at $216,125.
H.C. Wainwright & Co are acting as exclusive placement agents for the offering, according to an SEC filing. The agent has also agreed to purchase 23,750 shares of common stock during the round.
Pulmatrix has not yet stated specifically how it plans to spend funds raised in the round, which is set to close tomorrow.
The company saw its stock price soar in January after its drug candidate for treating fungal infections in the lungs of cystic fibrosis patients was designated as a ‘qualified infectious disease product’ by the FDA. Following the announcement, the Lexington, Mass.-based company’s shares jumped 159% to $1.79 apiece.
With the designation, Pulmatrix will receive 5 years of market exclusivity for the drug candidate.