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Biocept to Sell $9.3M in Stock, Warrants

NEW YORK (GenomeWeb) – Biocept announced today that it has signed agreements to sell $9.3 million in stock and warrants to certain institutional investors.

According to the company, it will sell about 4.3 million shares of its common stock at $2.15 per share, as well as warrants to purchase up to roughly 2.2 million shares of common stock at an exercise price of $2.50 a share. The warrants are exercisable six months after the close of the transaction and expire five years from the date they become exercisable.

Biocept said it will net approximately $8.4 million through offering, which is expected to close around March 31. The company will use the proceeds for working capital and general corporate purposes.

Roth Capital Partners acted as lead placement agent in connection with the offering, with WestPark Capital and Chardan Capital acting as co-placement agents.

During late morning trading on the Nasdaq, shares of Biocept were down nearly 2 percent to $2.13.