Pulmatrix, Inc. - PULM STOCK NEWS

Pulmatrix, Inc. (NASDAQ: PULM) announced a 1-for-20 reverse stock split effective February 28, 2022, to enhance its stock price and meet Nasdaq's minimum bid price requirements. Following the split, shares will reduce from approximately 65.97 million to about 3.30 million. This measure aims to attract a broader range of investors. The Company’s stock will continue trading under the ticker symbol PULM on March 1, 2022, with no fractional shares issued. The authorized shares remain at 200 million. Shareholders holding physical stock certificates will receive instructions for exchanging them for the post-split shares.

On February 1, 2022, Pulmatrix, Inc. (NASDAQ: PULM) released a letter addressing stockholders, highlighting achievements from 2021 and outlining its outlook for 2022. Key accomplishments include regulatory clarity from an FDA meeting, resolution of a contract dispute with Cipla, and successful safety data for PUR1800. The company emphasized the need for a reverse stock split to avoid potential NASDAQ delisting due to its stock price falling below $1. With approximately $47 million in gross proceeds, Pulmatrix aims to support ongoing clinical trials and increase shareholder value.

Pulmatrix, Inc. (Nasdaq: PULM) has closed a registered direct offering with institutional investors, raising $6.75 million through the sale of 6,745.008 shares of convertible preferred stock and warrants for 5,620,834 shares of common stock. The preferred stock has an initial conversion into 11,241,668 shares at $0.60 per share. The company plans to use net proceeds for general corporate purposes. A proposal for a reverse stock split will be presented to stockholders, with preferred shares having voting rights equal to 5,000 votes per share.

Pulmatrix (Nasdaq: PULM) announced a definitive agreement to issue 6,745 shares of convertible preferred stock and warrants to purchase 5,620,834 shares of common stock, raising approximately $6.75 million in gross proceeds. The preferred stock, convertible at $0.60 per share, has a stated value of $1,000 per share. The warrants will have an exercise price of $0.70 and expire in five years. The funds are intended for general corporate purposes. A special meeting of stockholders will consider a proposal for a reverse stock split.

Pulmatrix, Inc. (NASDAQ: PULM) reported its Q3 2021 financial results, revealing a revenue of $1.1 million, down from $4.4 million in Q3 2020. The company has settled its contract dispute with Cipla, allowing continued development of Pulmazole, addressing allergic bronchopulmonary aspergillosis (ABPA). The net loss for the quarter was $8.2 million, an improvement from a $10.6 million loss in the previous year. Pulmatrix maintains $53.5 million in cash, enabling ongoing clinical trials, with key data expected in 2022.

Pulmatrix, Inc. (NASDAQ: PULM) announced the completion of an amendment to its agreement with Cipla Technologies for the development and commercialization of Pulmazole. Cipla will reimburse 50% of third-party development costs and 40% of Pulmatrix's direct costs, increasing to 50% upon achieving specific milestones. Key milestones include dosing 25% of participants by June 30, 2023, and delivering top-line data by June 30, 2024. Pulmatrix aims to initiate a Phase 2b clinical study of Pulmazole in Q1 2023, following a successful FDA meeting in 2020.

Pulmatrix, Inc. (NASDAQ: PULM) reported its Q2 2021 financial results, showing a revenue decline to $2.2 million from $3.5 million in Q2 2020. The company’s research and development expenses rose to $4.5 million, leading to a net loss of $3.9 million. However, cash reserves improved to $56.9 million from $31.7 million at year-end 2020. Updates included progress in Phase 1b studies for PUR1800 and advancements towards clinical trials for PUR3100, with potential revenue opportunities estimated at $2.4 billion for AECOPD.

Pulmatrix, Inc. (NASDAQ: PULM) announced the appointment of Anand Varadan to its Board of Directors, effective July 26, 2021. Varadan, currently Chief Commercial Officer at Chiasma (NYSE: CHMA), brings valuable commercialization experience. He replaces Mark Iwicki, who resigned on July 23, 2021. CEO Ted Raad expressed optimism about Varadan's contribution to Pulmatrix, focusing on its patented iSPERSE™ technology for inhaled therapies aimed at various diseases. Pulmatrix continues its mission to innovate in pulmonary and non-pulmonary therapies.

Pulmatrix, Inc. (NASDAQ: PULM) reported its Q1 2021 financial results, highlighting significant business updates. The company regained full rights to its narrow spectrum kinase inhibitor portfolio, including PUR1800, following the termination of its agreement with Johnson & Johnson. A Phase 1b clinical study on PUR1800 is ongoing, with top-line data expected in Q4 2021. Financially, Pulmatrix reported a revenue of $1.4 million for Q1 2021, down from $2.8 million in 2020. The company ended the quarter with $63.4 million in cash, compared to $31.7 million at the end of 2020.