Pulmatrix raises $10 million and begins trading on Nasdaq

Respiratory biotech company Pulmatrix (Nasdaq: PULM) has closed a previously announced merger with Ruthigen (The Pharma Letter March 16), taking on a Nasdaq listing.

Along with the merger, it closed a private placement generating aggregate gross proceeds of $10 million, with participants including pre-merger investors in the company. Trading in Pulmatrix’s common stock will begin today on Nasdaq on a post-reverse-stock-split basis.

Robert Clarke, chief executive officer of Pulmatrix, said: “This new funding enables further development our proprietary pipeline of inhaled therapeutics for rare diseases, led by our anti-fungal candidate for cystic fibrosis and our branded generic for chronic obstructive pulmonary disease. Following the financing and merger, we have $27 million in cash, which we expect will fund our business into 2017, beyond multiple data readouts from ongoing and planned clinical studies, as well as other corporate milestones.”