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Biocept arranges $9.2M financing plan

Under the plan, the San Diego company will sell 23 million shares of its common stock at a price of $0.40 per share

Biocept Inc - Biocept arranges in $9.2M financing as it advances Target Selector platform
Target Selector collects and analyzes molecular markers linked to tumors in circulating tumor cells as well as plasma to identify cancer mutation

Biocept Inc (NASDAQ:BIOC), a provider of liquid biopsy tests, has arranged a financing plan to raise about $9.2 million. 

The announcement Monday 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. 

READ: Biocept partners with California physician association to provide cancer testing

Under the registered direct offering priced at-the-market under Nasdaq rules, Biocept has entered into a securities purchase agreement with several institutional investors for the issuance and sale of 23 million shares of its common stock at a price of $0.40 per share. The stock currently trades around $0.50 a share. 

Maxim Group LLC is acting as the sole placement agent for the offering. The offering is expected to close on or about March 4, subject to the satisfaction of customary closing conditions.

Contact the author: patrick@proactiveinvestors.com

Follow him on Twitter @PatrickMGraham

Quick facts: Biocept Inc

Price: 4.86 USD

NASDAQ:BIOC
Market: NASDAQ
Market Cap: $65.11 m
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Biocept announces Highmark has made a positive coverage determination on...

Biocept (Nasdaq: BIOC) CEO Michael Nall joined Steve Darling from Proactive with news the company has received positive news from Highmark, America’s fourth-largest Blue Cross Shield affiliate. That news being Biocept's Target Selector liquid biopsy assays have been accepted for medical coverage...

on 23/9/20

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