Lipella gets initial boost from top-line results of Phase IIb LP-10 trial

Pittsburgh, USA-based clinical-stage biotech Lipella Pharmaceuticals’ (Nasdaq: LIPO) shares rose as much as 76% to $5.48, after it announced positive trial results with its bladder disease candidate.

However, the stock drifted back, closing just 18% higher at $3.67. The stock, which had its initial public offering on December 20, hit its low of $2.87 on January 3, Morningstar noted.

At the Biotech Showcase 2023 yesterday, Lipella announced top-line results of the company's recently completed Phase IIa clinical trial evaluating the safety and efficacy of its investigational bladder disorder treatment LP-10 for hemorrhagic cystitis, a rare but highly morbid disease for which there are currently no Food and Drug Administration (FDA) approved treatments.