Biocept Inc. said it expects to raise $11.6 million from a rights offering that expired Aug. 8.
The offering allowed eligible shareholders to buy a unit of the company for $1,000 each. The unit comprised a series A preferred stock that is convertible into common shares, and 220 warrants, each of which can be used to purchase an additional common stock for $4.53 apiece.
The warrants are exercisable within a five-year period after the issuance date.
The transaction is expected to close Aug. 13, subject to customary closing conditions.
San Diego-based Biocept is a molecular diagnostics company that provides assays for lung, breast, gastric, colorectal and prostate cancers as well as melanoma.
Maxim Group LLC and Dawson James Securities Inc. acted as co-dealer-managers in the offering, with Chardan and WestPark Capital serving as financial advisers.