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OncoCyte to fund cancer test development through private placement

OncoCyte Corp. completed a private placement with two of its current investors for initial gross proceeds of $8 million.

One of the investors has committed to purchase an additional $2 million worth of shares prior to April 30.

All in all, the Alameda, Calif.-based biotechnology company will issue 7,936,508 common shares for $1.26 apiece.

Oncocyte intends to use the net proceeds to fund the development of its liquid biopsy diagnostic tests for the early detection of cancer, among other things.