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.
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.
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