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Drug redeveloper Lipella Pharmaceuticals (LIPO) has upsized its proposed $7M initial public offering by adding $11M in shares from selling stockholders.
Lipella said in a filing that it is still looking to offer 1.17M shares at the assumed price of $6 per share, a number that could likely change. Certain selling stockholders will be offering 1.76M shares at the same price, which would raise around $11M. Lipella would not receive any proceeds from shares sold by stockholders.
The company plans to conduct a 1-for-2.5 reverse stock split ahead of the IPO. It’s applied to list its shares on Nasdaq under the symbol LIPO. Spartan Capital Securities is serving as lead bookrunner.
Based in Pittsburgh, Lipella is reformulating existing generic drugs for new purposes. The company’s lead product, LP-10, is in Phase 2 testing for the treatment of chronic, uncontrolled urinary blood loss associated with chemotherapy or pelvic radiation therapy.
In October, Lipella downsized its proposed initial public offering to $7M from around $12M.
Image and article originally from seekingalpha.com. Read the original article here.