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Biocept Prices Public Offering

NEW YORK (GenomeWeb) – Molecular diagnostics firm Biocept announced today that it has priced a public offering of approximately 5 million shares of it common stock at $1 per share.

As part of the offering, investors will also receive warrants to purchase up to roughly 3.5 million additional shares at an exercise price of $1.30 per share. The warrants are immediately exercisable and have a term of five years.

Biocept said that it expects net proceeds of $4.4 million from the offering, which will be used for working capital and general corporate purposes. HC Wainwright acted as the exclusive placement agent for the offering, and Roth Capital Partners provided advisory services.

Biocept reported having $8.8 million in cash and cash equivalents at the end of 2015. 

During mid-morning trading on the Nasdaq, shares of Biocept tumbled 21 percent, falling $.27 to $.99 a share.