NEW YORK – Oncocyte said Thursday that it has reached agreements for select institutional investors and other parties to purchase an aggregate of about 5.1 million shares of the company’s common stock at $1.70 per share.
Net proceeds from the financing, which will close no later than November 15, are expected to be about $8.5 million, OncoCyte wrote in a document filed with the US Securities and Exchange commission.
Broadwood Partners, which already beneficially owns 22.9 percent of the company's common stock, has agreed to purchase almost 1.2 million shares in the current offering. Other purchasers were not disclosed.
OncoCyte said it intends to use net proceeds from the offering to support development and commercialization for its DetermaVu and Razor lung cancer assays, and to fund clinical studies to support reimbursement and adoption. Funds will also help support future product development and contribute to general corporate and working capital purposes.