Lipella Pharmaceuticals, which is developing reformulations of generic drugs for new applications, raised $7 million by offering 1.2 million shares at $5.75, the low end of the revised range of $5.75 to $6.25. At pricing, Lipella Pharma commands a fully diluted market value of $39 million.
The company offered 4% more shares than expected, in order to keep the deal size at $7 million. It originally filed to offer 1.2 million shares at a range of $5.00 to $7.00, before narrowing the range earlier this month.
The Pittsburgh, PA-based company listed on Monday on the Nasdaq under the symbol LIPO. Spartan Capital Securities acted as sole bookrunner on the deal.
RC Note: Because the company priced at an IPO market cap of less than $50 million, it is excluded from Renaissance Capital's 2022 IPO stats.
