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The firm has entered into a securities purchase agreement for the issuance and sale of 23 million shares of its common stock at $0.40 per share.
The firm is offering 24.6 million shares of its common stock and warrants to purchase 24.6 million shares of stocks to financially support and expand its business.
The San Diego-based company said that the number of commercial samples received during the quarter grew 66 percent year over year.
The tubes and collection kits meet the requirements of the European In-Vitro Diagnostic Devices Directive, and the company can now commercialize the devices throughout Europe.
The company said it will use the net proceeds for general corporate purposes and to fund ongoing operations and expansion of its business.
The validation of its current CLIA testing comes as Biocept is in the early stages of expanding to provide kit versions of its liquid biopsy tests.
The firm has a 180-day grace period in which to regain compliance, by maintaining a $1.00 minimum closing bid price for at least 10 consecutive business days.
Buoyed by a 26 percent increase in test volume, the firm's revenues were $1.2 million for the quarter, compared to $822,000 last year.
The company said adopters are ordering tests in areas of great interest, like CTC and blood biomarker monitoring, despite a lack of reimbursement.
A new analysis suggests warming, not the arrival of humans, led to the extinction of the woolly rhinoceros thousands of years ago, the Economist reports.
Chinese health officials uncovered SARS-CoV-2 viral RNA on imported frozen food, but the New York Times reports catching COVID-19 that way would be unlikely.
The UK has ordered 60 million coronavirus vaccine doses from Novavax and 30 million doses from Janssen, according to the Guardian.
In Science this week: machine learning model predicts whether ion channel mutations will cause disease, and more.