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Biocept Amends Offering for up to $23M in Stock, Warrants

NEW YORK (GenomeWeb) – Biocept amended its prospectus to offer up to $23 million in securities in a public offering. 

In a document filed with the US Securities and Exchange Commission on Friday, the firm said that it plans to offer a maximum aggregate of $11.5 million in common stock and a maximum aggregate of $11.5 million in common stock issuable upon the exercise of warrants. Last month the San Diego-based company filed a prospectus to offer up to $15 million of its common shares in a public offering.

Biocept has not priced the shares or warrants for the offering or said how many shares or warrants it plans to offer. It also did not provide a figure for anticipated net proceeds from the offering, but said in its amended Form S-1 that about $5 million will be used to ramp up sales and marketing efforts, including the hiring of personnel. 

About $3 million will go toward R&D, clinical utility studies, and enhancements to the company's tests and services, while $1 million will be used for equipment purchases, the implementation of automation and the scaling of Biocept's capabilities for anticipated test volume increases. Remaining proceeds will be used for general corporate purposes and for ongoing operations and expansion of the business, the company said. 

As of Sept. 30, 2014, Biocept had $8.8 million in cash and cash equivalents. 

Based in San Diego, Biocept develops oncology diagnostics based on circulating tumor cell technology. 

In afternoon trading on Monday on the Nasdaq, shares of Biocept were down about 8 percent at $1.95.