NEW YORK (GenomeWeb) – Biocept said today that it has entered into a securities purchase agreement with certain accredited institutional investors to purchase approximately 990,000 shares of its common stock at a price of $2.25 per share, resulting in gross proceeds of approximately $2.2 million.
Maxim Group is acting as the lead placement agent and Dawson James Securities is co-placement agent for the offering, which is expected to close on or about January 23, subject to the satisfaction of customary closing conditions.
The shares of common stock are being offered pursuant to a shelf registration statement, declared effective by the US Securities and Exchange Commission on May 24, 2018.
The direct offering comes about a month after Biocept said in a regulatory filing that it was reducing to $5.4 million the expected proceeds from a public offering it had previously said would bring in $9.1 million.
In early morning trading on the Nasdaq, Biocept's shares were down about 15 percent at $2.59.