The expected net proceed are now $5.4 million, down from an earlier anticipated $9.1 million. Investors reacted negatively to the news today.
The firm has reached a deal with certain investors for the purchase of units comprising OncoCyte common shares and warrants to purchase shares.
Net proceeds from the exercise of subscription rights and warrants are anticipated to be $22.6 million, excluding any proceeds from the exercise of warrants.
The offering was a follow-on to a capital raise during the summer that brought in $6 million. The company's CEO said the additional financing was needed to execute on its business plan.
The company will use the proceeds to support development of its liquid biopsy tests and the launch of its lung cancer test in the second half of this year.
The company previously said that it planned to publicly offer up to $10 million in stocks and warrants. It has not priced the offering yet.
The company said in an SEC document that it will offer about 6.3 million shares of its common stock. Some purchasers would also be able to buy prefunded warrants.
The funds will help the company prepare for CLIA certification of its lab ahead of the planned launch of its lung cancer test.
Certain investors have agreed to buy 375,000 shares of Interpaces common stock at $6.75 per share, and 255,000 prefunded warrants to purchase common stock at $6.74 per share.
The Rutherford, NJ-based cancer molecular diagnostics firm will use the proceeds for general corporate purposes.
Reuters reports that UK researchers are using gene-editing tools to develop flu-resistant chickens.
Nature calls for genomics to become part of the World Health Organization's cholera surveillance approach.
Vox explores a proposal to institute a lottery system to award grant funds.
In Genome Biology this week: gut microbiome study of individuals from Tanzania and Botswana, sixth version of the Network of Cancer Genes database, and more.