NEW YORK – Biotechnology firm Celcuity on Wednesday announced the pricing of an upsized public offering of 1,714,000 shares of its common stock at $14.00 per share.
The Minneapolis-based company expecting gross proceeds of $24 million and is also offering underwriters a 30-day option to purchase an additional 257,100 shares of its common stock at the same public offering price. When Celcuity announced the public offering on Feb. 22, it had estimated gross proceeds of $20 million.
Celcuity is focused on using its CELsignia platform to improve understanding of the cellular mechanisms driving cancer and discovering new cancer subtypes that molecular diagnostics may miss. The firm is hoping its discoveries will help drugmakers better define patient populations responsive to their targeted drugs. Celcuity said it will use the proceeds for working capital and general corporate expenses, including funding R&D and clinical trials and business development.
The offering is slated to close on Feb. 26. Craig-Hallum Capital Group is acting as the managing underwriter.