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Oncocyte Nets $10.2M in Private Placement, Notes New Customers for Transplant Test

NEW YORK – Oncocyte said Wednesday that it has entered into a securities purchase agreement with new and existing investors, with gross proceeds expected to be approximately $10.2 million.

Investors include Bio-Rad Laboratories, one of Oncocyte's strategic partners. The company said it intends to use the net proceeds for working capital and general corporate purposes.

The private placement involves the sale of 3,461,138 shares of Oncocyte's common stock at a purchase price of $2.95 per share and is expected to close on Oct. 4. Needham is acting as the deal's exclusive placement agent.

Oncocyte President and CEO Josh Riggs said in a statement that the funding will help the company globally expand its organ transplant rejection testing.

In a separate announcement, the firm said new customers for its GraftAssure transplant test include two unnamed "leading transplant university hospitals" in the US and Germany. The GraftAssure assay detects early evidence of graft organ damage in patients' blood based on the presence of donor-derived cell-free DNA.

Oncocyte also said it has submitted its initial development plan for advancing an IVD version of the test to the US Food and Drug Administration, with a meeting scheduled for early December to receive feedback.