Wednesday 13th of April 2022 02:45:30 PM
OncoCyte announces offering of common stock, warrants, no amount given
- Oncocyte (NASDAQ:OCX) has commenced an underwritten public offering of shares of its common stock, together with warrants to purchase additional shares of its common stock.
- The Co. expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock and/or additional warrants to purchase shares.
- The Co. intends to use the net proceeds to promote commercialization of DetermaRx, to complete development of DetermaIO; complete the development and begin commercialization of TheraSure; for development of other future tests in our pipeline, including DetermaCNI, DetermaTx and DetermaMx.
- Oncocyte has also announced the pricing of a registered direct offering of 11,765 shares of its Series A Convertible Preferred Stock.
- The shares of Preferred Stock are convertible into a total of 7,689,542 shares of our common stock, at a conversion price of $1.53.
- Gross proceeds from the offering are expected to be ~$10M, and will be used primarily to promote commercialization of DetermaRx.
- OCX -15.9% after hours to $1.07.