Biotech Lipella Prescription drugs downsizes proposed IPO to $7M

Lipella Prescription drugs (LIPO) has downsized its proposed preliminary public providing to $7M from round $12M.

Lipella stated in a submitting that it’s now seeking to provide 1.17M shares, priced between $5 and $7, which might increase round $7M if priced on the midpoint. The corporate can be planning to conduct a 1-for-2.5 reverse inventory break up forward of the deal.

The biotech firm hopes to record its shares on Nasdaq underneath the image LIPO. Spartan Capital Securities is serving as lead bookrunner.

The phrases of the deal seem to have been downsized. Within the firm’s S-1 submitting in July, Lipella indicated in an hooked up submitting price schedule that it was in search of to lift as much as $11.5M by means of the sale of frequent inventory and one other $13.8M by means of the train of sure warrants. The submitting listed Univest Securities because the bookrunner.

Based mostly in Pittsburgh, Lipella is reformulating current generic medication for brand spanking new functions. Its lead drug candidate, LP-10, is in Section 2 testing for the therapy of hemorrhagic cystitis, which is uncontrolled urinary blood loss related to chemotherapy or pelvic radiation therapy. Lipella stated there may be at present no FDA authorised therapy for the situation.

A growth stage firm, Lipella reported a internet lack of $1.5M on income of $33K for the six-month interval ended June 30, 2022.

For extra IPO information, try SA’s IPO Information web page.