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Oncocyte to Raise $35M in Public Stock Offering

NEW YORK – Oncocyte on Friday priced a public offering of 7,780,000 shares of its common stock at $4.50 per share.

The Irvine, California-based firm expects gross proceeds from the offering to be about $35 million. It also is granting underwriters a 30-day option to purchase up to an additional 1,167,000 shares of its common stock at the same price.

Piper Sandler is acting as the sole book-runner for the offering, which is expected to close on or about Feb. 9. BTIG and Needham are acting as co-lead managers.

Oncocyte said it intends to use net proceeds from the offering to promote commercialization of its lead diagnostic test, DetermaRx, and to complete development of its cancer immunotherapy predictor DetermaIO. The funds will also support development of future tests in its pipeline, including the CNI Monitor liquid biopsy assay that the firm is slated to acquire through its planned merger with Chronix Biomedical.

Proceeds may also be used for post-acquisition obligations related to the Chronix deal, for purchases related to Oncocyte's earlier acquisitions of Razor Genomics and Insight Genetics, and to invest in or acquire new businesses or technologies, although there are no binding agreements to acquire such business or technology at this time.

In early morning trade on the Nasdaq, shares of Oncocyte were up around 7 percent at $5.66.

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