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Biocept Reduces Number of Shares, Warrants for Public Offering

NEW YORK (360Dx) – Biocept said in a regulatory filing that it anticipates net proceed of $5.4 million for an offering of its securities, down from $9.1 million that the firm estimated last week.

In an amended prospectus filed with the US Securities and Exchange Commission today, the company said that it now plans to offer about 5.3 million shares of its common stock as well as warrants to purchase 5.3 million shares of its stock at an assumed combined public offering price of $1.14 per share and related warrant.

In afternoon trading on the Nasdaq, Biocept's shares were down 31 percent at $.79.

A week ago, the company said in an SEC document that it would offer 9.7 million shares of its stock and warrants to purchase 9.7 million warrants at an assumed public offering price of $1.03 per share and related warrant.

Proceeds will be used to fund Biocept's commercial strategy; complete a physician portal for its pathology partnership strategy; launch its pharma partnership strategy; implement lab automation initiatives; and outsource microchannel manufacturing, the firm said in its amended prospectus.

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