Pulmatrix said that it has closed a public offering with expected gross proceeds of $16.6 million that will be used primarily for development of its inhaled therapies, especially Pulmazole inhaled itraconazole for the treatment of allergic bronchopulmonary aspergillosis (ABPA) in asthma patients. The company had previously said that it expected to raise $14.4 million.
According to the agreement with Cip Tec, Pulmatrix would need to fund a Phase 2 trial of Pulmazole in adult ABPA patients that is scheduled for the 2nd quarter of this year. The companies would split development costs after that study.
Read the Pulmatrix press release.