NEW YORK (GenomeWeb) – Biocept said yesterday that it has closed a previously announced $10 million public offering.
The company sold 9.1 million shares of its common stock, as well as warrants to purchase up to 9.1 million shares at a combined offering price of $1.10 per share.
Underwriters also partially exercised an over-allotment, purchasing warrants for up to 627,131 additional shares of common stock at $0.0009 per warrant. These warrants are exercisable immediately at a price of $1.10 per share and will expire five years from the date of issuance, the company said.
Overall, Biocept said it raised a little over $10 million before deducting an underwriting discount and estimated offering expenses. The liquid biopsy test developer did not disclose details of its plans for using the proceeds.
Roth Capital Partners and Feltl and Company acted as joint book-running managers for the offering.
Biocept's shares rose about 2 percent to $.95 in morning trading on the Nasdaq.