Biocept Announces Pricing Of $5 Mln Underwritten Public Offering

(RTTNews) - Biocept Inc. (BIOC) announced pricing of an underwritten public offering of 1.18 million shares of its common stock and warrants to purchase up to an aggregate of 2.35 million shares of its common stock at a combined offering price of $4.25 per share and an accompanying warrant to purchase two shares of common stock.

The warrants will have a per share exercise price of $4.25, are exercisable immediately, will expire five years from the date of issuance and contain an alternative cashless exercise provision whereby, subject to certain conditions, a warrant may be exchanged cashlessly for shares of common stock at the rate of half a share of common stock per full share otherwise issuable upon a cash exercise.

Biocept expects the gross proceeds from the offering to be about $5.0 million, before deducting the underwriting discounts and commissions and estimated offering expenses payable by Biocept. The offering is expected to close on May 26.

Biocept expects to use the net proceeds from the offering for the advancement of its FORESEE trial for CNSide, working capital and general corporate purposes.

Biocept has also granted the underwriters a 45-day option to purchase up to an additional 176,470 shares of common stock and accompanying warrants to purchase up to 352,940 shares of common stock, at the public offering price less discounts and commissions.