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Biocept Closes $14.8M Public Offering

NEW YORK (GenomeWeb) – Liquid biopsy firm Biocept said today that it has closed a previously announced public stock offering, raising net proceeds of approximately $13.3 million after deducting fees and offering expenses from a total sale of $14.8 million.

The company had aimed to raise up to $15 million from sales of up to 33.3 million shares. It ended up selling almost 32.9 million shares of its common stock and warrants to purchase up to an aggregate of 32.9 million more at a combined offering price of $.45. The warrants have a per share exercise price of $.50, are exercisable immediately, and will expire five years from the date of issuance, the company said.

Dawson James Securities and WestPark Capital acted as placement agents, and Dawson James Securities served as sole bookrunner.

Biocept said it intends to use the proceeds for general corporate purposes, to fund ongoing operations and expansion of its liquid biopsy business, and to service its existing indebtedness.

Biocept's shares rose nearly 3 percent to $.35 in after hours trading on the Nasdaq.