Lipella Pharmaceuticals sells 2.066M shares at 62c in direct offering

Lipella Pharmaceuticals announced that it has entered into a definitive agreement for the purchase and sale of an aggregate of 2.066M shares of common stock at a purchase price of 62c per share in a registered direct offering priced at-the-market under Nasdaq rules. H.C. Wainwright is acting as the exclusive placement agent for the offering. The gross proceeds to Lipella from the offering are expected to be approximately $1.28M, 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.