Celcuity, a developer live cell diagnostic tests for cancer patients, filed on Wednesday with the SEC to raise up to $15 million in an initial public offering.
The pre-revenue company's proprietary platform, CELx, is a diagnostic technology that analyzes live tissue to identify the specific abnormal cellular activity driving a patient's cancer. Celcuity's first diagnostic, the CELx HSF Test, identifies a currently undiagnosable sub-type of breast cancer. It is expected to complete its first clinical trial in mid-to-late 2018, and then begin ramping up investment in a direct sales force.
The Minneapolis, MN-based company booked a net loss of $4.5 million for the 12 months ended June 30, 2017. The company plans to list on the Nasdaq under the symbol CELC. Celcuity filed confidentially on June 12, 2017. Craig-Hallum Capital Group is the sole bookrunner on the deal. No pricing terms were disclosed.
