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Biocept Files for $15M Public Offering

NEW YORK (GenomeWeb) – Biocept plans to offer about $15 million of its common stock in a public offering, the firm said in documents filed with the US Securities and Exchange Commission on Wednesday. 

The company has not priced its offering, but said that it plans to offer about 6.3 million shares of its stock. Its shares closed at $2.52 in Wednesday trade on the Nasdaq. 

Aegis Capital and Feltl and Co. are listed as the underwriters on the offering. 

Proceeds from the offering will be used for sales and marketing of Biocept's tests, the development and validation of tests in its pipeline, and automation and scale-up, it said in a free-writing prospectus. 

Based in San Diego, Biocept develops oncology diagnostics based on circulating tumor cell technology. In February 2014, it raised about $19 million in its initial public offering. As of September 30, 2014 it had $8.8 million in cash and cash equivalents.