NEW YORK – Biocept said Monday that it has entered into a securities purchase agreement with several institutional investors for the issuance and sale of 23 million shares of its common stock at a price of $0.40 per share, for aggregate gross proceeds of approximately $9.2 million in a registered direct offering priced at-the-market.
Maxim group will act as the sole placement agent, and the offering is expected to close on or about March 4.
The new purchase agreement follows other recent stock sales, including an underwritten public offering of 24,600,000 last December, which was expected to result in about $10 million in proceeds.