Based on the results, the UAE-based lab would become Biocept's first customer to use the kits clinically, accepting samples from the Middle East, Africa, and Asia.
The company is now offering 3.6 million shares and warrants to purchase additional shares at an assumed combined price of $2.11 per share and related warrant.
The company has agreed to sell approximately 990,000 shares at a price of $2.25 per share, yielding about $2.2 million in gross proceeds.
The expected net proceed are now $5.4 million, down from an earlier anticipated $9.1 million. Investors reacted negatively to the news today.
Biocept will offer patient data from its liquid biopsy tests to Prognos, who will apply artificial intelligence to ensure that patients receive correct therapies.
Each share comes with an accompanying warrant to purchase one share of common stock. Biocept expects to use proceeds to fund ongoing operations.
In an SEC filing, the company proposed to sell shares of its stock, each coupled with a warrant to purchase up to one additional share.
The company reported total revenues of $761,591 from the accession of 878 billable samples, 27 percent fewer than the same quarter last year.
Biocept closed a $14.8 million public offering earlier this year and recently reported ending the second quarter with $2.6 million in cash and cash equivalents.
The US Department of Justice has proposed a rule change to enable DNA to be collected from migrants, the Associated Press reports.
Bernard Fisher, a surgeon who changed how breast cancer is treated, has died at 101, the New York Times reports.
A Washington Post columnist writes that she is skeptical about DNA-based diets.
In PNAS this week: recurrent inactivation of DEPDC5 in gastrointestinal stromal tumors, taxonomic reliability of GenBank sequences, and more.