Business
Celcuity Inc. Reports Second Quarter 2021 Financial Results and Provides Corporate Update
Raised approximately $56.3 million of gross proceeds from a follow-on public offering of common stock in early July to provide funding for clinical
About this update from Celcuity Inc.
[{"type":"text","content":"Raised approximately $56.3 million of gross proceeds from a follow-on public offering of common stock in early July to provide funding for clinical development activities After follow-on offering, Celcuity had approximately $94.4 million of cash on hand Expanded clinical development and clinical operations capabilities with appointment of two new senior executives and the addition of other key team members In a Phase 1 study evaluating gedatolisib combined with paclitaxel and carboplatin, 65% of patients (11/17) had an objective response, including three complete responses Management to host webcast and conference call today, August 9, 2021, at 4:30 p.m. ET / 1:30 p.m. PTMINNEAPOLIS, MN / ACCESSWIRE / August 9, 2021 / Celcuity Inc. (NASDAQ:CELC), a clinical-stage biotechnology company pursuing an integrated companion diagnostic and therapeutic strategy for treating patients with cancer, today announced financial results for the second quarter ended June 30, 2021 and summarized recent business progress.\"Celcuity's recent follow-on equity offering strengthens our balance sheet and provides additional funding to support clinical development activities for the advancement of gedatolisib, a potential first-in-class PI3K/mTOR inhibitor,\" said Brian Sullivan, CEO and co-founder of Celcuity. \"We are also very excited about the progress we made expanding our clinical development and clinical operations teams. This positions us well to initiate, subject to feedback from the FDA, a Phase 2/3 clinical trial evaluating gedatolisib in combination with palbociclib and an endocrine therapy in patients with ER+/HER2- advanced or metastatic breast cancer in the first half of 2022.\"Second Quarter 2021 Business Highlights and Other Recent DevelopmentsIn early April, Celcuity entered into a worldwide licensing agreement with Pfizer for the exclusive right to develop and commercialize gedatolisib.Celcuity closed two significant financings to support development of gedatolisib. In early April, Celcuity entered into a debt financing agreement with Innovatus Life Sciences Lending Fund I, LP to provide up to $25.0 million in term loans with the first tranche of $15.0 million funded at closing. In early July, Celcuity completed a follow-on public offering that raised gross proceeds of approximately $56.3 million.In April, Celcuity presented results of...