Lipella raises $368K in second closing of Series B preferred offering; CEO gets voting proxy

LIPELLA PHARMACEUTICALS INC.

Second closing issued 3,680 shares of Series B non-voting convertible preferred at $100/share, convertible into 117,948 common shares at $3.12/share.
Net proceeds of $305,440; use for working capital and general corporate purposes.
Placement agent Spartan received $62,560 in fees, 42,933 Series C voting preferred shares, and a warrant for 11,795 common shares.
Spartan granted CEO Jonathan Kaufman irrevocable voting power over all Series C and warrant shares via proxy agreement.
Total offering remains open up to $6.0 million; first closing on Dec 30 sold 22,295 Series B shares for $2.23M.

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