Ally Bridge LB Healthcare Master Fund Ltd. is investing some $2.2 million in Biocept Inc. by acquiring 1,466,667 shares of the company at $1.50 apiece.
The shares come bundled with five-year warrants to buy up to an additional 1,434,639 stocks, also at $1.50 apiece.
The offering is expected to close Aug. 10.
Biocept and Ally Bridge's Chinese affiliate are also in discussions to evaluate potential strategic opportunities to leverage the company's liquid biopsy platform in China.
The company was granted patents covering its proprietary technology in China.