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The company expects that proceeds from this transaction, combined with another direct offering earlier this week and its current cash reserve, can support operations through the end of this year.
The firm has entered into a securities purchase agreement for the issuance and sale of 23 million shares of its common stock at $0.40 per share.
News items from the in vitro diagnostics industry for the week of Dec. 9, 2019.
The firm is offering 24.6 million shares of its common stock and warrants to purchase 24.6 million shares of stocks to financially support and expand its business.
The San Diego-based company said that the number of commercial samples received during the quarter grew 66 percent year over year.
The tubes and collection kits meet the requirements of the European In-Vitro Diagnostic Devices Directive, and the company can now commercialize the devices throughout Europe.
The company said it will use the net proceeds for general corporate purposes and to fund ongoing operations and expansion of its business.
The validation of its current CLIA testing comes as Biocept is in the early stages of expanding to provide kit versions of its liquid biopsy tests.
The firm has a 180-day grace period in which to regain compliance, by maintaining a $1.00 minimum closing bid price for at least 10 consecutive business days.
Buoyed by a 26 percent increase in test volume, the firm's revenues were $1.2 million for the quarter, compared to $822,000 last year.