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Biocept Prices Subscription Rights to Purchase $25M of Securities

NEW YORK (GenomeWeb) – Biocept on Tuesday provided details regarding its previously announced plans to distribute subscription rights to certain shareholders of its common stock and warrants to purchase 25,000 securities units for a total of $25 million.

Biocept originally announced the distribution of the subscription rights in May. The subscription rights are being distributed to holders of common stock and warrants that Biocept issued Feb. 13, 2015; May 4, 2016; Oct. 19 2016; March 31, 2017; Aug. 9, 2017; and Jan. 30, 2018.

In an amended preliminary prospectus filed on Tuesday with the US Securities and Exchange Commission, the company said that each subscription right entitles those investors to purchase one unit at a subscription price of $1,000 per unit. Each unit comprises one share of Series A convertible preferred stock and 220 warrants. The preferred stock has a value of $1,000 per share. Each warrant will be exercisable for one share of the company's common stock at an exercise price of $4.53 per share. Warrants can be exercised for five years from the date of issuance.

The Maxim Group and Dawson James Securities are the co-dealer managers in the offering.

Net proceeds from the exercise of subscription rights and warrants are anticipated to be $22.6 million, excluding any proceeds from the exercise of warrants. Biocept said that it intends to use the proceeds for general corporate purposes, including R&D expenses, capital spending, working capital and general and administrative expenses, and potential acquisitions of or investments in businesses, products, or technologies.

Biocept raised $13.3 million in January in a public offering of its common stock.

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