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Celcuity Raises $26.2M in IPO

NEW YORK (360Dx) – Celcuity announced after the close of the market on Friday that it had closed its initial public offering, raising $26.2 million in gross proceeds.

The cell-based diagnostics firm sold a total of 2.76 million shares, including 360,000 shares to the offering's underwriter, Craig-Hallum Capital, pursuant to its option to purchase additional shares to cover overallotments. Celcuity plans to use net proceeds from the IPO to support R&D work, clinical trials, development of operational processes and capital expenditures, and for working capital and other general corporate purposes.

The company's shares began trading on the Nasdaq Capital Market under ticker symbol "CELC," on Sept. 20. It closed on Friday up almost 2 percent at $13.63.