PITTSBURGH -- (BUSINESS WIRE) -- The Pittsburgh Life Sciences Greenhouse (PLSG), the private/public partnership putting the region's life sciences industry on a fast track for growth, today announced that it has recently converted a prior convertible debt investment into Lipella Pharmaceuticals Inc. Series A Preferred Stock. Lipella develops new drugs for several urinary bladder diseases that affect millions of people worldwide.
The PLSG investment has been an important source of financing that has helped Lipella to achieve important pre-clinical development milestones. “Chronic inflammatory urinary bladder diseases can be very difficult for patients that currently have no adequate treatment options,” said Jonathan Kaufman, President and Chief Executive Officer of Lipella. “In addition to being able to help those who suffer from these syndromes, there is a significant economic opportunity. We are pleased to have PLSG as a shareholder, and have benefited greatly from their guidance.”
Lipella was founded in 2005 based on discovery research conducted by Dr. Michael Chancellor, a world-renowned urologist. Since then, Lipella has received over $4 million in direct federal grant funding for product development. Lipella currently maintains a sterile manufacturing facility in Pittsburgh, PA.
Lipella’s experimental drugs are designed to be delivered directly to the bladder via a urinary catheter. This local delivery option limits the risk of systemic side effects. Lipella’s pipeline includes products for interstitial cystitis, overactive bladder and hemorrhagic cystitis. Hemorrhagic cystitis can result from either pelvic radiation therapy or certain systemic chemotherapies.
About the Pittsburgh Life Sciences Greenhouse (PLSG)
The PLSG invests in and supports the growth of biosciences companies in southwestern Pennsylvania. The PLSG has investment and business growth programs to increase the linkage between research, technology and commercialization; nurture and develop entrepreneurial biosciences enterprises; grow the region's talent pool in the life sciences; and help biosciences firms locate, expand or start-up in the Greater Pittsburgh region. www.pittsburghlifesciences.com
About Lipella Pharmaceuticals Inc.
Lipella Pharmaceuticals Inc. is a privately held pharmaceutical company. For further company details, visit www.lipella.com