LEXINGTON, Mass., June 7, 2018 /PRNewswire/ -- Pulmatrix, Inc.
(NASDAQ: PULM), a clinical stage biopharmaceutical company
developing innovative inhaled therapies to address serious
pulmonary diseases announced today that each of the following six
proposals that were submitted to the company's stockholders were
approved:
- Election of three directors (Steven
Gillis, Ph.D., Terrance G.
McGuire and Amit D. Munshi)
to serve as Class I directors on the company's Board of Directors
to serve until the 2021 Annual Meeting of Stockholders or until
successors have been duly elected and qualified.
- Amendment of the Company's Amended and Restated 2013 Employee,
Director and Consultant Equity Incentive Plan to (i) increase the
total number of shares of common stock authorized for issuance
under such plan to 12,500,000 shares and (ii) modify such plan's
"evergreen" provision so that on January
1st of each year the number of shares reserved for issuance
under such plan will automatically increase by 5% of the number of
outstanding shares of common stock on such date.
- Amendment of the Company's Amended and Restated Certificate of
Incorporation to increase the number of authorized shares of common
stock from 100,000,000 to 200,000,000 shares.
- At the discretion of the Company's board of directors, an
amendment to the Company's Amended and Restated Certificate of
Incorporation, at any time prior to the company's 2019 annual
stockholders' meeting, to effect a reverse stock split of the
Company's common stock, at a ratio in the range of 1-for-4 to 1-
for-10, such ratio to be determined by the board of directors and
included in a public announcement.
- If and only if Proposal 3 and Proposal 4 are both approved and
implemented, amendment to the Company's Amended and Restated
Certificate of Incorporation to effect a reduction in the total
number of authorized shares of common stock from 200,000,000 to
100,000,000.
- Ratification of the appointment of Marcum LLP as the Company's
independent registered public accounting firm for the fiscal year
ending December 31, 2018.
"We are pleased that our stockholders approved each of the
submitted proposals and, with these corporate housekeeping measures
resolved, we remain focused on the advancement of our pipeline
programs", said Robert W. Clarke,
Ph.D., chief executive officer of Pulmatrix. "There is no imminent
plan to implement a reverse stock split. Pulmatrix has
several important milestones ahead of us that management believes
can and should drive shareholder value. Specifically:
- Pulmazole is on target for our data readout. We will announce
results as soon as it is appropriate based on data review.
- PUR1800 is moving forward in non-clinical safety testing with a
P2a study in COPD targeted for next year.
- With our partner for the US (Vectura), we are targeting a P1/2
in COPD to start around year end.
With everything we are working on, we expect several catalysts
this year. We are focused on building value for patients and
shareholders."
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, an inhaled anti-fungal for
patients with allergic bronchopulmonary aspergillosis ("ABPA"), and
PUR1800, a narrow spectrum kinase inhibitor for patients with
obstructive lung diseases including asthma and chronic obstructive
pulmonary disease ("COPD"). In addition, Pulmatrix has partnered
with Vectura Group plc to develop Pulmatrix's drug candidate,
PUR0200, for COPD for the U.S. market. 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 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 annual report on Form 10-K filed by the Company with
the Securities and Exchange Commission on March 13, 2018, 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.
Investor
Contact
|
|
Robert Clarke,
CEO
|
William Duke,
CFO
|
(781)
357-2333
|
(781)
357-2333
|
rclarke@pulmatrix.com
|
wduke@pulmatrix.com
|
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SOURCE Pulmatrix, Inc.