Shares of Lipella Pharmaceuticals, a clinical-stage biotechnology company (Nasdaq: LIPO), experienced a notable surge on Friday amid robust trading activity, with over 38 million shares changing hands in the current session.
At the time of this publication, Lipella Pharmaceuticals Inc stock (LIPO) has witnessed a surge.
Lipella Pharmaceuticals Inc
Current Price: $2.27
Change : +0.66
Change (%): (40.99%)
Source: Tomorrow Events Market Data
Lipella Pharmaceuticals, a pioneer in clinical-stage biotechnology dedicated to addressing critical diseases with substantial unmet needs, announced today that the U.S. Food and Drug Administration (FDA) has granted approval for an Investigational New Drug (IND) application. This application pertains to a multi-center, phase-2a, dose-escalation clinical trial intended to evaluate the safety and efficacy of LP-310 in patients suffering from symptomatic oral lichen planus (OLP). OLP is a debilitating condition with no presently available effective treatment.
Back in March of 2023, Lipella established a distinguished Scientific Advisory Board in Oral Health, comprised of esteemed experts in the field of oral medicine. This board played a pivotal role in shaping the clinical approach and will continue to be instrumental in identifying top-tier clinical sites for the development of LP-310.
Dr. Jonathan Kaufman, Lipella’s Chief Executive Officer, expressed, “This FDA endorsement underscores our capacity to significantly enhance our value proposition by introducing a phase-2, clinical-stage asset into our pipeline.”
Dr. Michael Chancellor, Chief Medical Officer at Lipella, emphasized, “OLP stands as a distressing oral mucosal ailment that currently lacks an approved therapy. We are enthusiastic about the opportunity to forge ahead with the development of an effective treatment.”
The approval for the IND application marks a significant milestone for Lipella Pharmaceuticals, solidifying its commitment to pioneering advancements in the field of biotechnology. The phase-2a clinical trial for LP-310 signals a promising prospect in addressing the pressing medical needs of patients grappling with symptomatic oral lichen planus.
Investors have responded favorably to this development, propelling the shares of Lipella Pharmaceuticals to new heights. The surge in trading activity highlights the market’s keen interest in the company’s innovative approach to tackling challenging medical conditions.