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.
The Salt Lake City-based company said it would use the $18.4 million in expected gross aggregate proceeds for product pipeline development and customer growth.
Consulting company McKinsey says diagnostics companies will have to combine genomic data analysis, electronic medical records, effective reimbursement strategies, and regulatory compliance in order to win.
A new report has found that researchers in Africa are still heavily dependent on funding from organizations in the US, Europe, and China, Nature News says.
An article in The Atlantic argues that the progress being made in science isn't keeping pace with the money and time being spent on research.
In Science this week: a CRISPR screen identifies sideroflexin 1 as a requisite component of one-carbon metabolism, and more.