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The company has agreed to sell approximately 990,000 shares at a price of $2.25 per share, yielding about $2.2 million in gross proceeds.
The expected net proceed are now $5.4 million, down from an earlier anticipated $9.1 million. Investors reacted negatively to the news today.
Each share comes with an accompanying warrant to purchase one share of common stock. Biocept expects to use proceeds to fund ongoing operations.
In an SEC filing, the company proposed to sell shares of its stock, each coupled with a warrant to purchase up to one additional share.
The company reported total revenues of $761,591 from the accession of 878 billable samples, 27 percent fewer than the same quarter last year.
Biocept closed a $14.8 million public offering earlier this year and recently reported ending the second quarter with $2.6 million in cash and cash equivalents.
Highmark will examine the clinical and economic impact of Biocept's Target Selector liquid biopsy in patients with non-small cell lung cancer.
The company's test volume during the quarter shrank to just over 1,000 samples compared to 1,405 in the same period last year.
The company had previously said that it expected gross proceeds of up to $22.6 million if rights to all 25,000 securities units were exercised.
Angle this week announced its preliminary financial results for the fiscal year ended April 30.