Skip to main content
Premium Trial:

Request an Annual Quote

OncoCyte Enters Deal to Offer $7.6M in Stock

NEW YORK – Diagnostics firm OncoCyte said on Thursday that it has entered into definitive agreements with Pura Vida Investments, a healthcare focused registered investment advisor, and one other unnamed institutional investor, to purchase approximately $7.6 million of the company's common shares in a registered offering. 

In connection with the offering, which is expected to close during the week of January 6, 2020, OncoCyte will sell an aggregate of 3,523,776 common shares at a purchase price of $2.156 per share, the average closing price over the five trading days prior to the execution of the agreement with the two investors.

The firm's CEO Ron Andrews said in a statement that the offering reflects a strategy to strengthen OncoCyte's balance sheet through smaller offerings, allowing it "to remain flexible from a strategic perspective while rapidly progressing commercialization efforts."

The firm expects to bring to market its first test, the assay it recently acquired through its investment in Razor Genomics, during the first quarter of this year. Funds raised in the offering will support that launch, as well as subsequent development and launch efforts for its other test, DetermaVu.

Andrews called the interest from Pura Vida "a testimony" to OncoCyte's strategy and portfolio. "This financing leaves us well positioned to continue the advancement and expansion of our suite of impactful tests for underserved decision points in the lung cancer care continuum," he added.

The Scan

Highly Similar

Researchers have uncovered bat viruses that are highly similar to SARS-CoV-2, according to Nature News.

Gain of Oversight

According to the Wall Street Journal, the Biden Administration is considering greater oversight of gain-of-function research.

Lasker for mRNA Vaccine Work

The Scientist reports that researchers whose work enabled the development of mRNA-based vaccines are among this year's Lasker Award winners

PLOS Papers on Causal Variant Mapping, Ancient Salmonella, ALK Fusion Test for NSCLC

In PLOS this week: MsCAVIAR approach to map causal variants, analysis of ancient Salmonella, and more.