Celcuity dips premarket after convertible bond, stock offerings unveiled

** Shares of biotech firm Celcuity CELC.O down 3.1% premarket to $35.65 as it looks to capitalize on its soaring stock to raise capital

** CELC shares on Mon more than tripled to record intraday high of $46.42 before ending up 167% at $36.79 after co said its experimental drug, gedatolisib, combined with Pfizer's PFE.N Ibrance and AstraZeneca's AZN.L Faslodex, delayed advanced breast cancer progression by more than seven months, compared to Faslodex alone in a late-stage study

** After the bell Mon, CELC announced concurrent public offerings of $150 mln 6-yr convertible bonds and $75 mln of stock

** Co said intends to use net proceeds from offerings to pay for capped calls, derivative transactions used to mitigate dilution

** It plans to use remainder for working capital and general purposes, including for clinical trial, commercial launch and R&D expenditures, among other purposes

** Jefferies, TD Cowen and Leerink are jt bookrunners for the offerings

** Minneapolis, Minnesota-based CELC has ~38.9 mln shares outstanding as of Jun 30, per the prospectus, giving co ~$1.4 bln market cap through Mon

** All 8 analysts covering CELC are bullish and median PT of $54 up from $28 a month ago, per LSEG data