Biocept, Inc. (NASDAQ:BIOC) said Tuesday that it is to raise approximately $10.3 million in aggregate through a further registered direct share offering with several institutional investors.
In a statement, the leading commercial provider of liquid biopsy said it has entered into a securities purchase agreement for the issuance and sale of 22,300,000 shares of its common stock at a price of $0.46 each.
The company said Maxim Group is acting as the sole placement agent for the offering, which is expected to close on or about April 16, 2020, subject to the satisfaction of customary closing conditions.
The move follows two earlier securities purchase agreement with several institutional investors, also via registered direct offerings, announced at the start of March.
That saw the issuance and sale of 16 million shares at a price of $0.41 each to raise $6.6 million on March 5 come hot on the heels of a $9.2 million registered direct offering announced on March 2 which saw the issuance and sale of 23 million shares of Biocept common stock at a price of $0.40 per share.
Biocept said then that it expected its current cash and cash equivalents, to be sufficient to fund operations through to at least December 31, 2020, but that was before the coronavirus (COVD-19) pandemic.
On Monday, Biocept revealed that it has verified a coronavirus (COVID-19) molecular diagnostic test, and said it plans to begin accepting physician-ordered testing requests for processing beginning on April 15.