New York, NY, Dec. 18, 2024 (GLOBE NEWSWIRE) -- Spartan Capital Securities LLC, a premier investment banking firm, is pleased to announce the successful completion of a private placement for Lipella Pharmaceuticals Inc.’s (Nasdaq: LIPO)  Spartan Capital Securities, LLC acted as the sole placement agent in the private offer and sale of up to 6,000,000 of Series B non-voting convertible preferred stock of Lipella Pharmaceuticals Inc. Lipella Pharmaceuticals Inc., a clinical-stage biopharmaceutical company, successfully raised $1,722,000 through this private placement.

The private placement closed on December 16, 2024, as per schedule, subject to customary closing Conditions.The proceeds from the offering will support Lipella’s continued advancement of its clinical pipeline and general corporate purposes.

Jonathan Kaufman, PhD, CEO of Lipella Pharmaceuticals, leads the company’s efforts to address significant unmet medical needs with safe and effective therapies.

“We are truly excited to partner with Lipella Pharmaceuticals as the sole placement agent in the completion of this private placement," said John Lowry, CEO of Spartan Capital Securities. "Lipella’s impressive progress in advancing innovative therapies reflects their unwavering dedication to improving patient outcomes. As they continue to make strides in their mission, we are honored to support their growth and success. This deal not only underscores Lipella’s potential but also highlights Spartan Capital Securities’ role in driving impactful investment opportunities and fostering long-term strategic partnerships that create lasting value.”

Sichenzia Ross Ference Carmel LLP served as placement agent counsel, while Sullivan & Worcester LLP acted as counsel to Lipella Pharmaceuticals Inc.

Further details on the transaction will be available in the Company’s Form 8-K, to be filed with the U.S. Securities and Exchange Commission and accessible at www.sec.gov.

The common shares and the common shares issuable upon the conversion of related warrants have not been registered under the Securities Act of 1933, as amended, or any state securities laws. Until registered, these securities may not be offered or sold in the United States or any state absent registration or an applicable exemption from registration requirements.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under applicable securities laws.

About Spartan Capital Securities, LLC

Spartan Capital Securities, LLC is a premier full-service investment banking firm offering a comprehensive range of advisory services to institutional clients and high-net-worth individuals. Known for its expertise in capital raising, strategic advisory, and asset management, Spartan Capital delivers tailored solutions to meet clients' financial goals.

For more information about Spartan Capital Securities, visit www.spartancapital.com.

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Spartan Capital Securities, LLC
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investmentbanking@spartancapital.com