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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.
Highmark will examine the clinical and economic impact of Biocept's Target Selector liquid biopsy in patients with non-small cell lung cancer.
The company's test volume during the quarter shrank to just over 1,000 samples compared to 1,405 in the same period last year.
The company had previously said that it expected gross proceeds of up to $22.6 million if rights to all 25,000 securities units were exercised.
The company will work with researchers at UCSD's Moores Cancer Center on two studies of patients with breast, lung, and colon cancers.
The agreement extends the reach of Biocept's Target Selector testing to a large new region and brings its total reach to 17 countries outside the US.
A study of families explores how children transmit SARS-CoV-2, according to the Associated Press.
US Agricultural Research Service scientists have sequenced the genome of the Asian giant hornet.
According to the Economist, pooled testing for COVID-19 could help alleviate strains on testing labs.
In Science this week: MIT researchers outline approach dubbed translatable components regression to predict treatment response among IBD patients.