A clinical-stage biotechnology company is the latest Pittsburgh-based organization to debut on a public stock exchange.
Lipella Pharmaceuticals Inc., based in Homewood and incorporated in 2005, began trading Tuesday on the Nasdaq Capital Market.
According to a company press release, Lipella (NASDAQ: LIPO) expects to raise about $7 million in gross proceeds from the IPO by offering some 1.2 million shares of its common stock at $5.75 per share. That's before the deduction of underwriting discounts and other offering expenses, the company said.
The company's stock price was trading at $3.99 per share as of market close Wednesday, down 30% from its initial offering.
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.
