Celcuity Raises $24M Via Upsized Equity Offering At 11% Discount

Celcuity Inc (NASDAQ: CELC) has priced its upsized underwritten public offering of 1.7 million shares at $14 per share, raising approximately $24 million in gross proceeds. The offer price is at an 11% discount from the last close price of $15.7 on Tuesday.
Previously the company had announced the offering of $20 million.
The underwriter has an option to purchase up to an additional 257,100 shares, and the offering will close by February 26.
Celcuity intends to use the proceeds for working capital and general corporate purposes.
Craig-Hallum Capital Group is acting as the sole managing underwriter for the offering.
In January, the company announced a clinical trial collaboration with Sarah Cannon Research Institute and Pfizer Inc to conduct a Phase 2 clinical trial.
The trial will evaluate the efficacy and safety of two Pfizer targeted therapies VIZIMPRO and XALKORI, in patients with previously treated metastatic HER2-negative breast cancer selected with Celcuity's CELsignia Multi-Pathway Activity Test.
In December, Celcuity announced a trial collaboration with Massachusetts General Hospital, UCLA, and Vanderbilt and Puma Biotechnology to conduct a Phase 2 trial.
The company expects to announce additional trial collaborations in the first half of 2021.
Celcuity ended the fourth quarter with cash and cash equivalents of $11.6 million.
Price Action: CELC stock is down 7.76% at $14.50 in market trading hours on the last check Wednesday.