NEW YORK (GenomeWeb) – Diagnostics firm OncoCyte said today that it has raised $5.74 million through the cash exercise of 1,766,923 common stock purchase warrants by certain warrant holders.
OncoCyte President and CEO William Annet said in a statement that the proceeds will help advance the development of the firm's novel liquid biopsy diagnostics for lung and breast cancer and prepare for the launch of its lung cancer diagnostic in the second half of 2017.
Each warrant — issued as part of a $10.5 million financing in August 2016 — was exercised to purchase one share of common stock for $3.25 per share. The company also said that in consideration of the exercise, several warrant holders received new warrants to purchase various numbers of additional shares at different exercise prices with either a five- or two-year term.
Including warrants issued in August 2016, February 2017, and the new warrants offered to holders in this latest negotiation, Oncocyte said that it now has 31,313,200 shares of common stock outstanding and warrants to purchase an aggregate of 2,779,221 shares of common stock outstanding with exercise prices ranging from $3.25 to $5.50.