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Liquidia Technologies Announces Pricing of Initial Public Offering

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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
pricing of its initial public offering of 4,545,455 shares of common
stock at a public offering price of $11.00 per share, before
underwriting discounts and commissions, for gross proceeds of $50.0
million. 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 is expected to begin trading on the Nasdaq
Capital Market under the ticker symbol "LQDA" on July 26, 2018. The
offering is expected to close on July 30, 2018 subject to customary
closing conditions.

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

A registration statement relating to these securities was declared
effective by the U.S. Securities and Exchange Commission (the "SEC") on
July 25, 2018. The offering will be made only by means of a prospectus.
When available, 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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