NEW YORK (GenomeWeb) – Biocept today announced a $15 million common stock purchase agreement with Chicago-based Aspire Capital Fund.
The company said it plans to use the money raised to fund its general corporate activities, including research, development, and commercialization of its liquid biopsy tests.
Upon entering into the agreement, Aspire purchased $1 million of Biocept's common stock at $1.60 per share, representing an 8.1 percent premium over the closing price of $1.48 on Dec. 21, 2015, Biocept said.
Aspire has committed to purchase the remaining $14 million if and when Biocept decides to sell additional shares. After a registration statement has been filed and declared effective by the US Securities and Exchange Commission, Biocept then has the option to sell the additional $14 million in stock to Aspire over a 30-month period at prices reflecting the prevailing market at the time of each sale.
"This agreement affords us added balance sheet strength and flexibility as we further expand our menu of commercial assays and continue to drive physician adoption," Biocept President and CEO Michael Nall said in a statement.
According to Biocept, the agreement does not contain any financial covenants, restrictions on future financings, rights of first refusal, or participation rights or penalties, and can be terminated at any time.
"We believe Biocept is establishing its position as an emerging leader in the field of liquid biopsy. We look forward to developing a long-term relationship and supporting Biocept as it executes on its business plan," Steven Martin, managing member of Aspire Capital, said in a statement.
In early tuesday afternoon trade on the Nasdaq, shares of Biocept were up 8 percent at $1.60.