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Celcuity Updates Planned IPO

NEW YORK (GenomeWeb) – Cell-based cancer diagnostics company Celcuity today said in a regulatory document that it intends to offer 2 million shares of its common stock at between $8 and $10 per share as part of its initial public offering.

The firm disclosed its IPO last month, which it estimated at $15 million at the time. In an amended Form S-1 filed with the US Securities and Exchange Commission, Celcuity said that an offering price of $9 per share, it estimates net proceeds of about $15.6 million from the offering, or $18.2 million if the offering's underwriter, Craig-Hallum Capital, exercises its option in full to purchase additional shares.

Celcuity, based in Minneapolis, plans to list its shares on the Nasdaq under ticker symbol "CELC."

It intends to use about $8 million from the proceeds for R&D directed at discovering new cancer subtypes and the development and validation of its technology called Celx. Approximately $4 million will be directed at clinical trials to support clinical claims; $2 million will be used for operational processes and capital spending; and $1.6 million will go toward working capital and other general corporate purposes.