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Biocept Expects to Net $9.1M From Shares, Warrants Offering

NEW YORK (GenomeWeb) – Biocept filed an update with the US Securities and Exchange Commission today amending the preliminary prospectus it released in November for an offering of more than $9 million of its common stock with attached warrants to purchase additional shares.

The firm is offering 9,708,737 shares of common stock at an assumed offering price of $1.03 per share, its closing price on the Nasdaq on Friday. Each share comes with an accompanying warrant to purchase one share of common stock at an exercise price not less than 100 percent of the last reported sale price of the common shares on the trading day immediately proceeding the pricing of the offering.

For purchasers, if any, whose acquisition of Biocept's stock in the offering would result in their beneficially owning more than 4.99 percent of the company's outstanding common stock, the firm will offer an alternative of pre-funded warrants to purchase shares.

Based on the combined public offering price of $1.03 per share/warrant, Biocept said it estimates that the net proceeds from the sale will be approximately $9.1 million, after deducting estimated underwriting discounts, commissions, and offering expenses.

"We currently expect to use the net proceeds from this offering for general corporate purposes and to fund ongoing operations and expansion of our business," the firm wrote.

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