Celcuity Inc., the Plymouth-based biotechnology company, filed a third amendment to its registration statement for an initial public offering of stock on Tuesday.
The filing is an indication the company is another step closer to completing its IPO, which would be the third Minnesota-based company to complete an IPO this year.
The Nasdaq website has on its IPO calendar that Celcuity could price its offering Sept. 20.
Celcuity is developing a novel medical diagnostic test that uses a patients live tumor cells to provide “the most biologically complete diagnosis available.”
A better diagnosis can lead to better drug choices and hopefully better cancer treatment outcomes for patients.
The company is looking to raise $23 million from the IPO by selling 2 million shares in an offering range of $8 to $10 per share. An additional 300,000 shares are available in an overallotment.
The last time more than two Minnesota companies completed IPOs in the same year was in 2007. Earlier this year ASV Holdings Inc., a maker of compact track loaders and skid steer loaders based in Grand Rapids, and Calyxt, a gene-editing company based in New Brighton completed offerings.
Celcuity would be the smallest offering of the three. ASV raised $26.6 million from its IPO on May 12 and Calyxt raised $56 million from its offering on July 20.
IPO offerings have been on an upswing this year. According to Renaissance Capital, there have been 92 IPOs this year, a 55.9 percent increase over the same period last year. Those offering have also raised a lot more capital, total proceeds were $22.2 billion, a 135.9 percent increase from last year.