NEW YORK – Oncocyte announced on Friday it has reached definitive agreements with institutional investors that will purchase about $10.7 million of the company's common shares in a registered offering.
The investors, which include Blackcrane Capital, will purchase the shares at an at-the-market price of $2.27 per share, the closing price of Oncocyte's stock immediately preceding the offering. Oncocyte is selling about 4.7 million shares in the offering, which is expected to close next week.
Proceeds from the offering will be used to accelerate and support the commercial launch of DetermaRx, OncoCyte's lung cancer stratification test; DetermalO, a research-use-only gene expression test to identify immune checkpoint inhibitor responders; and the continued development of DetermaDx, a liquid biopsy test for ruling out malignancies in lung modules. Proceeds will also be used for general and working capital purposes, and for investments in or acquisitions of technologies or businesses.
The company said there are no binding agreements for such acquisitions.