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Newly public Lipella Pharmaceuticals (NASDAQ:LIPO) shares were down 19% in midday trading Wednesday, the day after they made their market debut following a $7M initial public offering.
Shares of Lipella opened at $5.60, recently changing hands at $3.81 at approximately 12:40 p.m. ET. The stock ended its first session on Tuesday 18% lower at $4.71.
Lipella priced 1.2M shares at $5.75 per share. Underwriters were given a 45-day option to purchase up to 182K additional shares.
In November, Lipella said it was looking to offer 1.2M shares at $6 per share. Selling shareholders were looking to offer an additional 1.8M shares at the same price.
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.