NEW YORK (GenomeWeb) – Biocept announced today it has priced a public offering expected to raise approximately $10 million in gross proceeds.
Biocept is offering 9.1 million shares of its common stock, as well as warrants to purchase up to an aggregate of 9.1 million shares at a combined offering price of $1.10 per share. The warrants are exercisable immediately and will expire five years from the date of issuance, the company said.
As part of the offering, which is expected to close on Oct. 19, the firm said it has also granted underwriters a 30-day option to purchase up to about 1.4 million additional shares of common stock at $1.03 per share, and/or additional warrants to purchase up to 1.4 million shares at a price of $0.0009 per warrant to cover over-allotments, if any.
Biocept — which is developing and commercializing a number of liquid biopsy assays to help guide care for patients with melanoma, and lung, breast, gastric, colorectal, and prostate cancers — did not disclose its plans for using the proceeds.Roth Capital Partners and Feltl and Company are acting as joint book-running managers for the offering.
Biocept's shares fell 22 percent to $.93 in morning trading on the Nasdaq.