Skip to main content
Premium Trial:

Request an Annual Quote

Oncocyte to Raise $25M in Stock Sale to Institutional Investors

NEW YORK – Oncocyte said on Wednesday that it has reached definitive agreements with its two largest institutional investors, Pura Vida Investments and Broadwood Partners, to purchase $25 million of the company's common shares in a registered offering.

The firm anticipates selling 7,301,402 shares of its common stock at a price of $3.42 per share, the average of the stock's last five closing prices.

Pura Vida, as the lead investor, is acquiring approximately $20 million worth of shares, which will increase its ownership of Oncocyte from under 10 percent to approximately 16 percent at the close of the transaction, expected for next week.

Ron Andrews, Oncocyte's CEO, said in a statement that the proceeds will help facilitate the company's planned expansion activities as it prepares to launch two new assays this year: DetermaIO, a gene expression test for identifying likely responders to immune checkpoint inhibitors, and DetermaTX, a targeted cancer genotyping panel intended to run alongside that immunotherapy predictor.

The funds will also support the further development of Oncocyte's planned blood-based cancer monitoring products and could be used to invest in or acquire complementary businesses or technologies.

According to the firm, there are currently no binding agreements in place for such acquisitions.

The Scan

Booster for At-Risk

The New York Times reports that the US Food and Drug Administration has authorized a third dose of the Pfizer-BioNTech SARS-CoV-2 vaccine for people 65 and older or at increased risk.

Preprints OK to Mention Again

Nature News reports the Australian Research Council has changed its new policy and now allows preprints to be cited in grant applications.

Hundreds of Millions More to Share

The US plans to purchase and donate 500 million additional SARS-CoV-2 vaccine doses, according to the Washington Post.

Nature Papers Examine Molecular Program Differences Influencing Neural Cells, Population History of Polynesia

In Nature this week: changes in molecular program during embryonic development leads to different neural cell types, and more.