Lipella Pharmaceuticals Announces Pricing of Initial Public Offering of Common Stock
PITTSBURGH, Dec. 19, 2022 /PRNewswire/ — Lipella Pharmaceuticals, Inc. (“Lipella,” “our, “us” or the “Company”), a clinical-stage biotechnology company focused on developing new drugs by reformulating the active agents in existing generic drugs and optimizing these reformulations for new applications, today announced the pricing of its initial public offering of 1,217,391 shares of its common stock at a price to the public of $5.75 per share. The gross proceeds from the offering to Lipella, before deducting underwriting discounts and other offering expenses payable by Lipella, are expected to be approximately $7 million. In addition, the underwriters have been granted a 45-day option to purchase up to an additional 182,608 shares of common stock, at the initial public offering price, less underwriting discounts.
The shares are expected to begin trading on The Nasdaq Capital Market on December 20, 2022, under the ticker symbol “LIPO” and the offering is expected to close on December 22, 2022, subject to customary closing conditions.