Biocept is offering 6.25 million shares of its common stock and warrants to purchase up to 6.25 million shares of the common stock at a combined price $1.20 per share and warrant.
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 American Prospect writes that the pilot program to test the DNA of migrants could lead to more family separations.
An international commission is to develop a report on how researchers, clinicians, and regulators should evaluate the clinical applications of human germline genome editing.
The US Department of Agriculture presents a new blueprint for animal genomic research.
In Genome Research this week: repetitive element deletion linked to altered methylation and more in form of muscular dystrophy; human contamination in draft bacterial and archaeal genomes; and more.