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Celcuity Raises $5.75M

NEW YORK (360Dx) – Celcuity, a Minnesota-based manufacturer of cell culture-based personalized medicine products, has raised $5.75 million in a recent funding round.

The securities offered by the firm were debt and convertible promissory notes and the equity securities issuable upon conversion of such notes. The offering was not part of a business combination transaction, such as a merger, acquisition, or exchange offer, according to a filing with the US Securities and Exchange Commission.

On deadline, the firm did not respond to a request for comment.

Celcuity's primary product offering is CELx, a functional cellular analysis platform that performs a personalized analysis of a patient's cells to provide more precise diagnosis and treatment, particularly for oncology.

The firm claims that its method can be used to more accurately guide therapies. "While the actual molecular targets of most targeted therapies are elements of a signaling pathway, most biomarker tests only provide indirect and inferential information about the signaling pathway activity itself," Celcuity noted on its website.

"A patient's genomic biomarker status may not represent underlying signaling pathway dysfunction; this can lead to misdiagnosis and selection of the wrong targeted therapy to treat the patient," the firm said.

The technology was described in a BMC Cancer article earlier this year, showing its use to measure HER2 signaling activity in cultured breast cancer cells through application of agonists and antagonists, such as human epidermal growth factor (EGF), neuregulin 1b (NRG1b), and insulin-like growth factor-1 (IGF-1).

Celcuity targets its product to physicians, to better enable treatment selection, as well as to pharmaceutical companies that wish to develop companion diagnostics.