Pulmatrix Inc. (PULM) stock has been taking a dip of -19.62% today pre-market buoying at $2.13 as of 6:55 a.m. EST. The clinical-stage biopharmaceutical company has added +33.17% in the last session settling at $2.65. The decline came following today’s announcement by the company of a registered direct offering of nearly 20 million shares.
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This morning, Pulmatrix announced it has entered into definitive agreements for the sale of 20,000,000 shares of the Company’s common stock with healthcare-focused institutional investors. The company is offering common stock priced at the market in a registered direct offering under Nasdaq rules for $2.00 per share. Assuming that all closing conditions are satisfied, the closing of the offering is expected to occur on or about February 16, 2021.
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As the exclusive placement agent for the offering, H.C. Wainwright & Co. will be acting on behalf of the company. Before expenses, including placement agent fees and offering expenses, Pulmatrix is likely to have gross proceeds from this offering of $40,000,000. This offering will enable the Company to use the net proceeds as working capital and for general corporate needs.
Getting to know the Company:
Using proprietary iSPERSE technologies, Pulmatrix develops inhaled products with better efficacy and reduced side effects that are targeted against severe pulmonary and non-pulmonary diseases. The company’s patented pharmaceutical portfolio is initially focused on improving treatments for acute lung illnesses.
Company’s Portfolio:
The portfolio comprises Pulmazole, which is an antifungal treatment for ABPA patients, and PUR1800, a narrow-spectrum kinase for the treatment of patients with lung cancer. ISPERSE, a patented engineered dry powder distribution platform, is part of Pulmatrix, which aims to improve lung function by optimizing local concentrations and reducing adverse effects.
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Conclusion:
In the last session, the company closed the trading at $2.65, but the announcement of the offering at a per-share price of $2.00 came negatively impacting. So the share’s market price is likely been leveling itself with the offering price announced by the company.
