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Biocept Closes Initial Public Offering, Raises $19M in Gross Proceeds

NEW YORK (GenomeWeb News) – Biocept said after the close of the market on Monday that it has closed its initial public offering, raising $19 million in gross proceeds.

The company went public last week with an offering of 1.9 million shares at $10 per share. In afternoon trading on the Nasdaq, Biocept's shares were down a fraction of 1 percent at $8.85.

Aegis Capital and Feltl and Co. acted as joint book-running managers for the offering, and MLV & Co. was the co-manager. The San Diego-based firm granted the underwriters a 45-day option to purchase up to 285,000 additional shares of its common stock to cover any overallotments.

Biocept is developing tests based on its circulating tumor cells and DNA technology platform. It currently offers the OncoCEE-BR test for breast cancer.