Lipella Pharmaceuticals announces $2M private placement priced ATM

Lipella Pharmaceuticals announced the entry, on October 23, 2023, into definitive agreements for the purchase and sale, in a private placement transaction priced at-the-market under Nasdaq rules, of pre-funded warrants to purchase up to an aggregate of 1,315,790 shares and warrants to purchase up to an aggregate of 1,315,790 shares. The purchase price for each pre-funded warrant and accompanying warrant is $1.519. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants will have an exercise price of $1.40 per share, will be immediately exercisable upon issuance, and will expire three years from the date of issuance. The offering is expected to close on or about October 25, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds to Lipella from the private placement are expected to be approximately $2M, before deducting the placement agent’s fees and other offering expenses payable by the company. The company intends to use the net proceeds for working capital and for general corporate purposes.