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Biocept Plans to Sell $2.5M in Stock, Warrants

NEW YORK (GenomeWeb) — Biocept said today that it has signed agreements to sell approximately $2.5 million in stocks and warrants to certain institutional investors.

According to the San Diego-based liquid biopsy firm, it will sell roughly 762,438 shares of its common stock — or pre-funded warrants to purchase common stock — to the investors. The company also plans to issue warrants for the purchase of up to 762,438 shares of its common stock in a concurrent private placement.

The combined purchase price for each share/pre-funded warrant and each warrant will be $3.285. The warrants are exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date, and have an exercise price of $3.16 per share.

The offering and placement are expected to close on Sept. 24.

Biocept closed a $14.8 million public offering in January and recently reported finishing the second quarter with $2.6 million in cash and cash equivalents.

During midday trading on the Nasdaq, shares of Biocept were down nearly 12 percent to $2.95.