Biocept Inc (NASDAQ:BIOC), a provider of liquid biopsy tests, said Thursday that it has entered into a securities purchase agreement with several institutional investors to raise $6.6 million in a registered direct offering priced at-the-market.
In a statement, the San Diego-based company said that it had struck a securities purchase agreement with several institutional investors for the issuance and sale of 16 million shares at a price of $0.41 per share, for aggregate gross proceeds of approximately $6.6 million, in a registered direct offering priced at-the-market under Nasdaq rules.
Biocept expects proceeds from the $6.6 million registered direct offering, along with the $9.2 million in gross proceeds from its registered direct offering announced on March 2, and its current cash and cash equivalents, to be sufficient to fund operations through at least December 31, 2020.
The announcement comes as the San Diego-based company advances the usage of its flagship Target Selector technology platform.
Target Selector collects and analyzes molecular markers linked to tumors in circulating tumor cells, as well as plasma, to identify cancer mutations. The assays detect lung, breast, gastric, colorectal and prostate cancers as well as melanoma.
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