NEW YORK (GenomeWeb News) – Biocept today set the price range on its planned initial public offering, saying it expects to price its shares between $10 and $12.
In its amended Form S-1 filed on Tuesday with the US Securities and Exchange Commission, the circulating tumor cell diagnostics firm said that it expects to offer about 1.8 million shares of its common stock, netting proceeds of approximately $17.1 million at the midpoint price of $11 per share. It would net $20.5 million if the underwriters exercise their overallotment option in full.
Aegis Capital is listed as the underwriter for the offering. Biocept has granted it an overallotment option to purchase up to 272,727 additional shares.
Biocept filed in September to go public, with plans to list on the Nasdaq Capital Market under ticker symbol "BIOC." The proposed maximum aggregate offering price was increased on Tuesday to $26.5 million from $24.3 million listed in its original Form S-1.
Headquartered in San Diego, Biocept develops and commercializes cancer diagnostics based on CTCs and circulating tumor DNA tests using standard blood samples. The tests are used to aid physicians in choosing the most appropriate treatments for their patients.
In its amended Form S-1, the company said that it posted $115,000 in revenues through the first nine months of 2013. It did not break out its financial results for the third quarter, but had previously said that revenues through the first half of 2013 were $84,000. That would translate to $31,000 in revenues in Q3.
Biocept's net loss through the first nine months of the year was $6.8 million. It ended the quarter with $303,000 in cash and cash equivalents.