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Biocept Prices $10M Public Offering of Stocks, Warrants

NEW YORK – Liquid biopsy firm Biocept on Monday priced a previously announced underwritten public offering of 24,600,000 shares of its common stock paired with warrants to purchase up to the same number of shares. 

Gross proceeds from the offering are expected to be about $10 million, which it will use to support ongoing operations and expansion of its business.

According to the company, each common share is being sold together with a warrant to purchase one share of common stock at a combined price of $.405 per share and warrant. The warrants will be immediately exercisable at a price of $.405 per share of common stock and will expire five years from the date of issuance.  

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

Maxim Group is acting as the book-running manager and Dawson James Securities is comanager in connection with the offering. Biocept said it has granted Maxim Group a 45-day option to purchase up to an additional 3.69 million shares of common stock, and/or warrants to purchase up to 3.69 million shares of common stock, at the public offering price less discounts and commissions.

The offering is expected to close on or about December 11, 2019, subject to customary closing conditions.