NEW YORK (GenomeWeb News) – Biocept today went public as shares of its common stock began trading at $10, the low end of an anticipated price range on its initial public offering.
In afternoon trading, the company's shares, which trade under ticker symbol "BIOC" on the Nasdaq, were down 6 percent at $9.39.
The San Diego-based oncology diagnostics firm offered 1.9 million shares of its common stock as part of its IPO, which is expected to bring in $19 million in gross proceeds. The offering is expected to close on Feb. 10.
Aegis Capital and Feltl and Co. are joint book-running agents. Biocept has granted the underwriters a 45-day option to purchase up to 285,000 additional shares of common stock to cover any overallotments.
Biocept filed for its IPO in September and later said that it expected to fetch between $10 and $12 per share in its offering.
Founded in 1997, Biocept operates a CLIA-certified and CAP-accredited laboratory. It develops and commercializes cancer diagnostics based on CTCs and circulating tumor DNA tests designed to help physicians choose the most appropriate treatments for their patients.