LEXINGTON, Mass., April 8, 2019 /PRNewswire/ -- Pulmatrix,
Inc. ("Pulmatrix," the "Company," "we," "our" or "us") (NASDAQ: PULM) today announced the closing of its previously announced
underwritten public offering of an aggregate of 1,719,554 common units and 8,947,112 pre-funded units at a price to the public of
$1.35 per common unit and $1.34 per pre-funded unit, as well as the
purchase of an additional 1,599,999 shares of common stock and common warrants to purchase an additional 1,599,999 shares of
common stock purchased pursuant to the exercise in full of the underwriter's option to purchase additional securities. Each
common unit contains one share of common stock (or, in the case of the pre-funded units, one pre-funded warrant) and one common
warrant to purchase a share of common stock.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
The gross proceeds of the offering are expected to be approximately $16.6 million, including the
full exercise of the underwriter's option to purchase additional securities and assuming the receipt of the proceeds from the
full exercise of the pre-funded warrants, but prior to deducting underwriting discounts and commissions and other offering
expenses. The Company intends to use the net proceeds of this offering for research and development of its therapeutic
candidates, particularly the development of Pulmazole, as well as for working capital and general corporate purposes.
Each common warrant has an exercise price of $1.35 per share, is exercisable immediately and
will expire five years from the date of issuance. Each pre-funded warrant has an exercise price of $0.01 per share and is exercisable until all other pre-funded warrants have been exercised in full.
A registration statement on Form S-1 relating to these securities was declared effective by the Securities and Exchange
Commission ("SEC") on April 3, 2019, and an additional registration statement on Form S-1 filed
pursuant to Rule 462(b) relating to these securities became automatically effective upon filing. The offering was made only by
means of a prospectus forming part of the effective registration statement. Electronic copies of the final prospectus relating to
the offering may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing placements@hcwco.com or at the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall
there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Pulmatrix
Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary
disease using its patented iSPERSE™ technology. The Company's proprietary product pipeline is focused on advancing treatments for
serious lung diseases, including Pulmazole, inhaled anti-fungal itraconazole for patients with ABPA, and PUR1800, a narrow
spectrum kinase inhibitor for patients with obstructive lung diseases including asthma and chronic obstructive pulmonary disease
("COPD"). Pulmatrix's product candidates are based on iSPERSE™, its proprietary engineered dry powder delivery platform, which
seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to
improve patient outcomes.
Forward-Looking Statements
Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking
statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Company
cautions that such statements involve risks and uncertainties that may materially affect the Company's results of operations.
Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently
available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a
result of certain factors, including but not limited to the use of proceeds, the ability to establish that potential products are
efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of
therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the
ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially
reasonable terms; the Company's ability to manufacture product candidates on a commercial scale or in collaborations with third
parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to
secure and enforce legal rights related to the Company's products, including patent protection. A discussion of these and other
factors, including risks and uncertainties with respect to the Company, is set forth in the Company's filings with the Securities
and Exchange Commission, including its most recent annual report on Form 10-K filed by the Company with the Securities
and Exchange Commission, as may be supplemented or amended by the Company's Quarterly Reports on Form 10-Q. The Company
disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law.
View original content to download multimedia:http://www.prnewswire.com/news-releases/pulmatrix-inc-announces-closing-of-16-6-million-upsized-public-offering-300826459.html
SOURCE Pulmatrix, Inc.