NEW YORK (GenomeWeb) – Biocept today priced its public offering of 6.25 million shares of its common stock and warrants to purchase up to 6.25 million shares of the common stock.
Each share of stock is being sold with one warrant to purchase one share of common stock at a combined price of $1.20 per share and warrant. Gross proceeds from the offering are expected to be about $7.5 million.
The warrants, Biocept said, will be exercisable at $1.20 per share and will expire five years from the date of issuance. The offering is expected to close on or about Feb. 12. Maxim Group is the book-running manager and Dawson James Securities is the co-manager on the offering.
Biocept has granted the underwriter a 45-day option to purchase an additional 937,500 shares of common stock and/or warrants to purchase up to 937,500 shares of common stock at $1.20 per share.
The San Diego-based company said in a document filed with the US Securities and Exchange Commission that it intended to offer about 3.6 million shares of its common stock and warrants to purchase another 3.6 million shares of common stock at about $2.11 per share and warrant for net proceeds of about $6.8 million, or $7.8 million if the underwriter exercised its option in full.
Biocept said in its document that proceeds would go toward general corporate purposes and ongoing operations, as well as expansion of the business.