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Biocept to Raise $8.2M in Direct Offering

NEW YORK (GenomeWeb) — Biocept today announced that it has signed an agreement to sell $8.2 million of its common stock, along with warrants to purchase additional stock, to certain institutional investors.

Biocept said it will sell roughly 5.95 million shares of its stock, and in a concurrent private placement issue warrants to buy an approximately 5.95 million additional shares at an exercise price of $1.25 each. The combined purchase price of one share and one warrant will be $1.37. Maxim Group is the book-running manager and Dawson James Securities is the co-manager on the offering.

During mid-morning trading on the Nasdaq, shares of the San Diego-based liquid biopsy developer fell 25 percent to $1.17.

Last month, Biocept said it was planning a public offering of 6.25 million shares and warrants to purchase up to another 6.25 million, for gross proceeds of $7.5 million.