Pulmatrix raises $3m in direct offering

Pulmatrix (NSDQ:PULM) said today that unnamed institutional investors agreed to purchase approximately $3.3 million of shares of common stock in a direct offering. The company said it plans to sell 950,000 shares at $3.50 apiece. Pulmatrix expects the offering, which will close next week, to bring in $3.0 million in proceeds to use for general corporate purposes and paying off some of its debt. 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. Get the full story at our sister site, Drug Delivery Business News. The post Pulmatrix raises $3m in direct offering appeared first on MassDevice.
Source: Mass Device - Category: Medical Equipment Authors: Tags: Drug-Device Combinations Funding Roundup Respiratory Wall Street Beat Pulmatrix Inc. Source Type: news