NEW YORK – Biocept said Thursday that it entered into a securities purchase agreement on March 4 with several institutional investors for the issuance and sale of 16,000,000 shares of its common stock at a price of $.41 per share, for gross proceeds of approximately $6.6 million in a registered direct offering priced at the market.
The firm expects that the proceeds from this offering, along with approximately $9.2 million in gross proceeds from a previous registered direct offering announced on March 2, plus current cash and cash equivalents, will be enough to fund its current operations through at least December 31, 2020.
As with the prior direct offering, Maxim Group is acting as sole placement agent. The sale is expected to close on or about March 6, 2020.
In early morning trading on the Nasdaq, the San Diego-based company's stock was down about 12 percent to less than $.50 per share.