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Biocept prices $8.2M registered direct offering to institutional investors

The molecular diagnostics company said in a statement that it has agreed to sell 5,950,000 shares of its common stock
An illustration for cancer
The company has commercialized assays for lung, breast, gastric, colorectal and prostate cancers as well as melanoma

Biocept Inc (NASDAQ:BIOC) said Friday it has reached an agreement for institutional investors to buy $8.2 million of stock in a registered direct offering and warrants to purchase shares in a concurrent private placement.

The molecular diagnostics company said in a statement that it has agreed to sell 5,950,000 shares of its common stock. In the private placement, Biocept has agreed to issue warrants to purchase up to an aggregate of 5,950,000 shares.

READ: Biocept rises after announcing expansion of pathology partnership platform

The transactions are expected to close on or about March 19, subject to conditions, San Diego-based Biocept said.

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

Biocept is a molecular diagnostics company with commercialized assays for lung, breast, gastric, colorectal and prostate cancers as well as melanoma.

Shares of Biocept were down $0.41 to $1.17 in Friday’s Nasdaq trading.

Contact Dennis Fitzgerald at [email protected]

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