On May 15, 2023 Lipella Pharmaceuticals Inc. (Nasdaq: "LIPO") ("Lipella," "our, "us" or the "Company"), a clinical-stage biotechnology company addressing serious diseases with significant unmet need, reported a corporate update and announces its first quarter 2023 financial results (Press release, Lipella Pharmaceuticals, MAY 15, 2023, View Source [SID1234631727]).
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Dr. Jonathan Kaufman, CEO of Lipella, said, "Lipella has had a strong start to 2023 with the release of positive top line results from our Phase 2a clinical trial evaluating the safety and efficacy of LP-10 as a treatment for hemorrhagic cystitis. The results have been presented at prestigious meetings including the 2023 Biotech Showcase and as part of a late-breaking presentation at the Annual Meeting of the American Urological Association. We expect to schedule a Type B meeting with the FDA regarding this program in the coming months.
"We were also delighted to enter a manufacturing collaboration agreement with Cook MyoSite to facilitate Chemistry, Manufacturing, and Control documentation for LP-10 in anticipation of Lipella’s forthcoming IND application."
Operational Highlights
● In March 2023, Lipella created a Scientific Advisory Board in oral health to focus on the development of LP-310, the company’s product candidate for the treatment of symptomatic oral lichen planus. The five-member board is made up of a group of highly regarded experts in oral medicine.
● In January 2023, Lipella presented successful top line results of its Phase 2a clinical trial for LP-10 in hemorrhagic cystitis at the 2023 Biotech Showcase.
Financial Highlights
● Lipella had approximately $4.0 million in cash, cash equivalents and marketable securities as of March 31, 2023.
● Net loss for the quarter ended March 31, 2023 was approximately $1.1 million.
● Investors are encouraged to read the Company’s Quarterly Report on Form 10-Q when it is filed with the Securities and Exchange Commission (the "SEC"), which will contain additional details about Lipella’s financial results as of and for the period ended March 31, 2023.