Pulmatrix Inc. priced an offering of 23,500,000 units to raise $15.2 million.

Each unit is made up of a common stock and two separate series of share purchase warrants. Series A warrants are exchangeable for a common stock of the company at 65 cents each, while series B warrants can be exchanged for 75 cents each.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering, which is expected to close by April 3. The offering's underwriters have an option to buy an additional 1,150,000 stocks.

The Lexington, Mass.-based pharmaceutical company intends to use the net proceeds of this offering to develop its asthma drug Pulmazole.