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Biocept Signs Deal to Sell $2.2M in Stock, Warrants

NEW YORK (GenomeWeb) – Biocept today said that it has signed an agreement to sell $2.2 million in stock and warrants to Hong Kong-based investment group Ally Bridge LB Healthcare Master Fund Limited.

Under the terms of the deal, Ally Bridge will receive roughly 1.5 million common shares of Biocept stock, along with warrants to buy approximately 1.4 million additional shares, at a combined offering price of $1.50. The warrants have a per-share exercise price of $1.50, are exercisable immediately, and will expire in five years from the date of issuance.

Biocept also said that it is in discussions about leveraging its liquid biopsy platform in China with Ally Bridge affiliates. Specific details about these discussions were not disclosed.

During morning trading on the Nasdaq, shares of Biocept were unchanged at $1.39.