Neal St. Anthony
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Stock Offerings

Celcuity appears to be next in line for IPO

Celcuity, a Plymouth-based biotechnology company, last week filed an amended registration statement for an initial public offering (IPO) of stock.

The Nasdaq website indicates on its IPO calendar that ­Celcuity could price its offering this week.

Celcuity would be the third Minnesota-based company to complete an IPO this year.

Celcuity is developing a medical diagnostic test that uses a patient’s live tumor cells to provide “the most biologically complete diagnosis available.”

A better diagnosis can lead to better drug choices and improved cancer treatment outcomes for patients.

The company looks 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 in New Brighton, completed sales of stock to the public.

Celcuity would be the smallest. 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 nationally.

According to Renaissance Capital, there have been 92 IPOs this year, a 55.9 percent increase over the same period last year.

Those IPOs have also raised a lot more capital.

Total proceeds were $22.2 billion, a 135.9 percent increase from last year.

Patrick Kennedy

Small Business

Two Minnesota agencies get SBA funds

African Economic Development Solutions (AEDS) and the Metropolitan Economic Development Association (Meda) will receive nearly $300,000 in grant funds from the U.S. Small Business Administration’s Program for Investment in Micro-Entrepreneurs (PRIME).

“We’re excited to have two national PRIME grants go to local nonprofits who offer training and technical assistance to disadvantaged micro-entrepreneurs in our great state,” said Nancy Libersky, SBA’s Minnesota district director.

SBA’s micro-entrepreneur program helps low-income entrepreneurs gain access to capital to establish and expand their small businesses.

With its $150,000 grant, AEDS will launch its business entrepreneurship program. With this funding, 220 entrepreneurs will receive training, technical assistance and access to small business loan capital over the course of the one-year grant period.

“This SBA funding will allow AEDS to effectively address the needs of aspiring and existing African immigrant entrepreneurs so as to turn their creative ideas into new business and growth,” said Gene Gelgelu, executive director of AEDS. “Moreover, the funding will help build more capacity and take AEDS into a new and higher platform and enable it to play a key role in the business development industry.”

With its PRIME award of $149,644, 40-year-old Meda will expand services to Minnesota’s minority micro-entrepreneurs throughout the entire business life cycle through increased assistance and strategic partnerships. Meda will also begin developing an online, single point of entry into the minority business development ecosystem.

“The technical assistance funded by the SBA is crucial to the long-term viability and success of minority-owned businesses in Minnesota,” said CEO Gary Cunningham of Meda. “By leveraging our partnerships across the business life cycle and technology, Meda will help minority entrepreneurs receive the trusted guidance, capital and access to markets needed to build sustainable businesses, work forces and maximize their contribution to the state economy.”

Including AEDS and Meda, 34 recipients in 24 states and Washington, D.C., will receive grants ranging from $55,000 to $250,000. Nearly 150 organizations applied.

Neal St. Anthony

Female business owners

1,000 headed here in October

More than 1,000 female business owners will converge on Minneapolis next month for the 40th annual national conference of the National Association of Women Business Owners (NAWBO).

The Oct. 15-17 conference is the first national NAWBO gathering in Minnesota.

The organization boasts more than 5,000 business-owner members and advocates for 9 million women business owners.

“Female entrepreneurs are risk takers, achievers and passionate about helping each other create wealth and a better life,” said Mary Quist-Newins, board president of NAWBO-Minnesota.

The conference will include business-building workshops from “savvy solopreneurs”; leadership and small-business growth strategies; as well as an assortment of speakers, networking opportunities with Twin Cities businesses and a gala awards dinner.

To register and for more information, visit NAWBO.org/events.

Neal St. Anthony