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Biocept prices $8.2M direct offering, concurrent placement

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According to Market Intelligence, December 2022

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Biocept prices $8.2M direct offering, concurrent placement

Biocept Inc. agreed to sell common shares to investors in a registered direct offering and to issue warrants in a concurrent private placement.

The San Diego-based company is selling about 5,950,000 common shares in the direct offering and it is issuing warrants to buy up to 5,950,000 common shares in the placement. The combined purchase price for 1 common share and warrant is $1.37.

The 5.5-year warrants are exercisable at $1.25.

Biocept, a molecular oncology diagnostics company, expects gross proceeds of about $8.2 million from the direct offering and concurrent placement. The offering and placement are expected to close on or around March 19.

Maxim Group LLC is acting as the lead placement agent, while Dawson James Securities Inc. is acting as co-placement agent in the offering.

Biocept has liquid biopsy assays for many types of cancer that analyze tumor-associated biomarkers in patients. The tests identify cancer mutations, providing insight into possible treatments.