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."
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.
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.
SOURCE Pulmatrix, Inc.