Pulmatrix Closes $30.2 Million in Series B Financing

--Company Developing Novel Therapies to Treat and Prevent Respiratory Diseases--
LEXINGTON, Mass.--(Business Wire)--
Pulmatrix, a clinical stage biotechnology company discovering and developing a
new class of therapies for the treatment and prevention of infectious and
progressive respiratory diseases, today announced that it has secured $30.2
million in Series B financing. ARCH Venture Partners and Novartis Bioventures
Fund co-led the round with participation from existing investors Polaris Venture
Partners and 5AM Ventures.

Proceeds from the financing will be used to enhance Pulmatrix`s R&D capabilities
in advancing a new class of host-targeted therapies that treat and prevent a
full range of respiratory diseases by harnessing the airway and lungs own
natural biophysical properties and host-defense mechanisms. In particular, the
financing will accelerate the development of Pulmatrix`s product pipeline,
including multiple clinical trials in a number of respiratory diseases that will
initiate in 2010 and 2011. Currently, Pulmatrix has a drug compound, PUR003,
which is being evaluated in Phase 1B/2A trials in influenza, with results from
this initial clinical study expected by the end of the year. The new and ongoing
clinical trials build upon previous preclinical studies that have demonstrated
the efficacy of the Pulmatrix approach in the treatment, prevention, and
transmission control of both viral and bacterial diseases in multiple animal
species.

"We believe that Pulmatrix`s therapies are uniquely positioned to address
respiratory diseases in a fundamentally new way which could result in game
changing improvements in the lives of patients with many different types of
respiratory diseases," said Lauren Silverman, Ph.D., Managing Director, Novartis
Venture Funds. "We look forward to working with this top-tier management and
investor group."

Steven Gillis, Ph.D., Managing Director, ARCH Venture Partners, commented,
"Pulmatrix has made considerable progress in developing a novel approach to both
treatment and prevention of viral and bacterial infections. We are pleased to
join the current investor syndicate and look forward to working with the company
as it continues to test and develop its technology platform."

"We believe this Series B investment and the blue chip investors involved
validate the premise of Pulmatrix`s innovative and unique approach to developing
a new class of drugs to treat and prevent a broad range of serious infectious
and progressive respiratory diseases," said Robert Connelly, Pulmatrix Chief
Executive Officer. "These new funds will allow us to generate significant human
data in several therapeutic indications including influenza, chronic obstructive
pulmonary disease (COPD), and asthma and we`re looking forward to initiating an
asthma trial by the end of 2009."

Pulmatrix has made several board appointments to reflect its new shareholder
mix; Drs. Lauren Silverman and Steve Gillis have become directors. They join
existing board members Terry McGuire of Polaris, Scott Rocklage of 5AM, David
Edwards, Ph.D., Pulmatrix co-founder and Professor of Biomedical Engineering at
Harvard University, Mark Gabrielson, CEO of Ore Pharmaceutical Holdings, Inc.
and founding CEO of Pulmatrix and Robert Connelly, CEO of Pulmatrix.

About Pulmatrix

Pulmatrix is discovering and developing a new class of host-targeted therapies
that treat and prevent a broad range of infectious and progressive respiratory
diseases by harnessing the airway and lungs own natural biophysical properties
and host defense mechanisms. Pulmatrix`s innovative technology is
pathogen-independent so it has broad potential to treat a wide range of
respiratory diseases, including respiratory infections such as influenza,
ventilator acquired pneumonia (VAP) and respiratory syncytial virus (RSV), as
well as progressive respiratory diseases such as COPD, asthma and cystic
fibrosis. The Pulmatrix technology is based on the ground-breaking scientific
work of renowned Harvard Professor David Edwards and Pulmatrix scientists, and
is financed by leading life science investors Polaris Venture Partners, 5AM
Ventures, ARCH Venture Partners, and the Novartis Bioventures Fund. For
additional information about the Company, please visit
http://www.pulmatrix.com.

Yates Public Relations
Adriana Jenkins, 617-744-1713

Copyright Business Wire 2009