Inhaled drug developer Pulmatrix has announced an agreement to sell approximately 2 million shares of its common stock to institutional investors at $2.50 per share in a registered direct offering expected to generate net proceeds of approximately $4.5 million.
Closing is expected on February 2, 2017, the company said, and proceeds will be used to pay indebtedness and for general corporate purposes.
In the past year, Pulmatrix has announced a partnership with Capsugel for development of inhaled therapies based on Pulmatrix’s iSPERSE particle technology, positive results from a Phase 1 study of its PUR0200 generic tiotropium DPI, and receipt of orphan drug and QIDP status for its PUR1900 itraconazole DPI.
Read the Pulmatrix press release.
