Today's IPO for Lipella Pharmaceuticals (LIPO) opened for trading at $7.02 after pricing 1,217,391 shares of its common stock at a price to the public of $5.75 per share.
Spartan Capital Securities, LLC is acting as sole book-running manager for the offering. Northland Securities, Inc. is acting as the qualified independent underwriter for the offering.
Lipella is 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. We believe that this strategy combines many of the cost efficiencies and risk abatements derived from using existing generic drugs with potential patent protections for our proprietary formulations; this strategy allows us to expedite, protect, and monetize our product candidates. Additionally, we maintain a therapeutic focus on diseases with significant, unaddressed morbidity and mortality where no approved drug therapy currently exists, believing that this focus can potentially help reduce the cost, time and risk associated with obtaining marketing approval.