Liquidia Technologies Announces Closing of Initial Public Offering

RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–Liquidia
Technologies, Inc. (the “Company”)
, a late-stage clinical
biopharmaceutical company focused on the development and
commercialization of human therapeutics using its proprietary PRINT®
technology to transform the lives of patients, today announced the
closing of its initial public offering of 4,545,455 shares of common
stock at a public offering price of $11.00 per share for gross proceeds
of $50.0 million before underwriting discounts and commissions. In
addition, the Company has granted the underwriters a 30-day option to
purchase up to 681,818 additional shares of common stock at the initial
public offering price, less the underwriting discount. The Company’s
common stock began trading on the Nasdaq Capital Market under the ticker
symbol “LQDA” on July 26, 2018. All of the shares sold in the offering
were offered by the Company.

Jefferies and Cowen acted as joint book-running managers for the
offering. Needham Company and Wedbush PacGrow acted as co-managers.

A registration statement relating to these securities was declared
effective by the U.S. Securities and Exchange Commission on July 25,
2018. The offering was made only by means of a prospectus. Copies of the
final prospectus may be obtained from Jefferies LLC, Attn: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, by telephone at 877-547-6340 or by email at Prospectus_Department@Jefferies.com;
or from Cowen and Company, LLC, c/o Broadridge Financial Services, 1155
Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by
telephone at (631) 274-2806 or by fax at (631) 254-7140.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there be any
sale of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

ABOUT LIQUIDIA TECHNOLOGIES

Liquidia Technologies, Inc. (“Liquidia”) is a late-stage clinical
biopharmaceutical company focused on the development and
commercialization of human therapeutics using its proprietary PRINT®
technology
to transform the lives of patients. PRINT® is a particle
engineering platform that enables precise production of uniform drug
particles designed to improve the safety, efficacy and performance of a
wide range of therapies. Currently, Liquidia is focused on the
development of two product candidates for which it holds worldwide
commercial rights: LIQ861 for the treatment of pulmonary arterial
hypertension and LIQ865 for the treatment of local post-operative pain.
Liquidia’s lead product candidate, LIQ861, currently being evaluated in
a Phase 3 clinical trial (INSPIRE), is designed to improve the
therapeutic profile of treprostinil by enhancing deep-lung delivery and
achieving higher dose levels than current inhaled therapies by using a
convenient, disposable dry powder inhaler. LIQ865, for which Liquidia
has recently completed a U.S. Phase 1b clinical trial, is designed to
deliver sustained-release particles of bupivacaine, a non-opioid
anesthetic, to treat local post-operative pain for three to five days
through a single administration. In addition to developing its own
product candidates, Liquidia collaborates with leading pharmaceutical
companies to develop their own product candidates across a wide range of
therapeutic areas, molecule types and routes of administration,
leveraging Liquidia’s PRINT® technology.

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