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Lipella Pharmaceuticals Inc. ("Lipella" or the "Company") (NASDAQ:LIPO), a clinical-stage biotechnology company addressing serious diseases with significant unmet need, today announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 2,066,000 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $0.62 per share (or pre-funded warrant in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. The offering is expected to close on or about August 1, 2024, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The gross proceeds to Lipella from the offering are expected to be approximately $1.28 million, before deducting the placement agent's fees and other offering expenses payable by the Company. Lipella currently intends to use the net proceeds from the offering for working capital and general corporate purposes.
Posted In: LIPO
