Lipella Pharmaceuticals is a nano-cap company that is developing reformulations of generic drugs for new applications.

 The company conducted an initial public offering (IPO) and raised $7 million by offering 1.2 million shares at $5.75, which was the low end of the revised price range of $5.75 to $6.25.

The IPO consisted of 4% more shares than originally planned in order to maintain the deal size at $7 million.

The original price range for the IPO was $5.00 to $7.00, but this was narrowed earlier in the month.

Lipella Pharmaceuticals is based in Pittsburgh, Pennsylvania and listed on the Nasdaq under the symbol LIPO.

Spartan Capital Securities acted as the sole bookrunner for the deal.

The fully diluted market value of Lipella Pharmaceuticals at pricing was $39 million.

 The company's IPO market cap was less than $50 million, so it is not included in Renaissance Capital's 2022 IPO statistics.

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