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Cell-Based Dx Firm Celcuity Goes Public

NEW YORK (360Dx) – Cell-based cancer diagnostics firm Celcuity went public today with an initial public offering of 2.4 million shares, priced at $9.50 per share.

The firm has also offered its underwriter, Craig-Hallum Capital Group, a 30-day option to purchase up to an additional 360,000 shares at the $9.50 per-share price, minus an underwriting discount, to cover any overallotments.

Celcuity's share trade on the Nasdaq Capital Market under ticker symbol "CELC." The public offering is expected to close on Sept.22, it said.

Celcuity calls itself a cellular analysis firm that discovers news cancer subtypes and commercializes diagnostic tests to improve the clinical outcomes of patients treated with targeted cancer therapies. Its technology called CELx uses patients' tumor cells to identify abnormal cellular activity driving their cancer and the most appropriate therapy.

Unlike molecular tests that provide only a snapshot of a patient's tumor genetic mutations based on dead cells, CELx can analyze cellular activities in real time and provide a more accurate diagnosis of the patient's cancer driver, according to the company.

Based in Minneapolis, Celcuity plans to use net proceeds from its IPO to support R&D, clinical trials, development of operational processes and capital expenditures, and for working capital and other corporate purposes.

Celcuity announced its plans to go public last month, saying it planned to raise $15 million from its IPO. In a document filed with regulators earlier this month, the company said that it planned to offer 2 million shares, raising about $18.2 million in net proceeds if the underwriter exercised its overallotment option in full.

In late morning trading today, Celcuity shares were up about 29 percent at $12.29.