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Biocept Expects $11.6M in Gross Proceeds From Recently Expired $25M Rights Offering

NEW YORK (GenomeWeb) – Biocept said today that it expects to take in approximately $11.6 million in gross proceeds from a previously announced rights offering, which expired on Wednesday. The company had previously estimated that proceeds from the offering could be as high as $22.6 million if all the rights were exercised.

According to Biocept, closing of the offering will take place on or about Aug. 13, subject to satisfaction or waiver of all conditions. At that time, a subscription agent will distribute shares of the firm's Series A convertible preferred stock and warrants to rights holders.

Each right entitles the holder to purchase one unit at a subscription price of $1,000 per unit. Each unit consists of one share of Series A convertible preferred stock with a face value of $1,000 — which is immediately convertible into 220 shares of common stock at a conversion price of $4.53 per share — and 220 warrants with an exercise price of $4.53, exercisable for five years after the date of issuance.

Maxim Group and Dawson James Securities were co-dealer-managers in the offering. Chardan and WestPark Capital acted as financial advisors.

Biocept's shares were up more than 3 percent to $4.10 in morning trading on the Nasdaq.