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Biocept Prices $15M Public Offering

NEW YORK (GenomeWeb) – Liquid biopsy developer Biocept announced a $15 million public offering today of up to about 33.3 million shares of its common stock with warrants to purchase up to an aggregate of approximately 33.3 million more shares at a combined price of $0.45.

The warrants will have a per share exercise price of $0.50, are exercisable immediately, and will expire five years from the date of issuance, the company said. Dawson James Securities and WestPark Capital are acting as placement agents in connection with the offering, and Dawson James served as sole bookrunner.

For purchasers whose acquisition of stock in the offering would result in their beneficially owning more than 4.99 percent of the company's outstanding common stock, Biocept is also offering Series A convertible preferred stock immediately following the consummation of the offering, which is planned for Jan. 30. That preferred stock would be in lieu of purchasing common stock and would enable the purchasers to acquire up to 24,912 shares of preferred stock based on an assumed offering price of $602.10 per share of preferred stock and accompanying warrants – equal to the last reported sales price of Biocept's common stock on the Nasdaq on Jan. 23, 2018, multiplied by 1,000. Each share of preferred stock is convertible into 1,000 shares of Biocept common stock, according to the prospectus for the offering.

Biocept said it intends to use the proceeds to service existing debt, as well as for general corporate purposes, to fund ongoing operations, and to support expansion of its business.

The offering follows a registered direct offering last month, which sold 4,925,000 shares of its stock at $.68 per share raising net proceeds of around $3 million.

As of Sept. 30, Biocept had $5.9 million in cash and total assets of $11.1 million.

The company's shares were trading down 25 percent at $.36 in morning trade on Friday.

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