A publicly-traded biotech firm in Pittsburgh announced the close of its $2 million private placement offering.
Lipella Pharmaceuticals Inc., a clinical-stage firm based in Homewood and incorporated in 2005, said the funding was for working capital and "general corporate purposes."
The private placement comes less than a year after Lipella went public on the Nasdaq stock exchange. Its IPO raised about $7 million in funds.
Lipella focuses on providing supportive care to cancer survivors who have hemorrhagic cystitis, also referred to as radiation cystitis, which can occur in patients after they receive pelvic radiation. The company is also using a proprietary drug delivery method for the treatment of oral lichen planus, a disease that can affect the skin and any lining mucosa.
Its lead product, LP-10 for hemorrhagic cystitis, has entered a phase-2, multi-center clinical trial.
Lipella maintains a manufacturing facility in Pittsburgh where it produces clinical supplies and research products.
The private placement offering from Lipella follows that of Aurora Innovation Inc., a Strip District-based autonomous vehicle developer that raised $820 million as part of its offering.
