PITTSBURGH, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Lipella Pharmaceuticals Inc. ("Lipella" or the "Company") (NASDAQ:LIPO), a clinical-stage biotechnology company addressing serious diseases with significant unmet need, today announced that it has closed its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of an aggregate of 2,066,000 shares of common stock (or pre-funded warrants in lieu thereof) at a purchase price of $0.62 per share (or pre-funded warrant in lieu thereof). H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds to Lipella from the offering were approximately $1.28 million, 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. The securities described above were offered and sold by the Company pursuant to a "shelf" registration statement on Form S-3 (Registration No. 333-276815), including a base prospectus, previously filed with the Securities and Exchange Commission ("SEC") on February 1, 2024 and declared effective by the SEC on February 8, 2024. The offering of the securities was made only by means of a prospectus supplement that forms a part of such registration statement. A prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus may also be obtained by contacting H.C. Wainwright ...