As
filed with the Securities and Exchange Commission on October 2, 2017
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
S-3
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
OncoCyte
Corporation
(Exact
name of registrant as specified in its charter)
California
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|
27-1041563
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(State
or other jurisdiction of
incorporation
or organization)
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|
(I.R.S.
Employer
Identification
Number)
|
1010
Atlantic Avenue, Suite 102
Alameda,
California 94501
(510)
775-0515
(Address,
including zip code, and telephone number, including area code, of registrant’s principal executive offices)
William
Annett
President
and Chief Executive Officer
OncoCyte
Corporation
1010
Atlantic Avenue, Suite 102
Alameda,
California 94501
(510)
775-0515
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to
:
Bruce
Jenett
Andrew
Ledbetter
DLA
Piper LLP (US)
2000
University Avenue
East
Palo Alto, California, 94303
Approximate
date of commencement of proposed sale to the public:
From time to time after the effective date of this registration statement.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please
check the following box: [ ]
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under
the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check
the following box: [X]
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please
check the following box and list the Securities Act registration statement number of the earlier effective registration statement
for the same offering: [ ]
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list
the Securities Act registration statement number of the earlier effective registration statement for the same offering. [ ]
If
this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. [ ]
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register
additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following
box. [ ]
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large
accelerated filer [ ]
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Accelerated
filer [ ]
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|
Non-accelerated
filer [X] (Do not check if smaller reporting company)
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Smaller
reporting company [ ]
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|
|
Emerging
growth company [X]
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
[X]
CALCULATION
OF REGISTRATION FEE
Title
of Each Class of
Securities
to be Registered
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|
Amount
to
be
Registered
(1)
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|
Proposed
Maximum
Offering
Price
Per
Unit
(2)
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|
Proposed
Maximum
Aggregate
Offering
Price
(2)
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|
|
Amount
of
Registration
Fee
(2)
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|
Common
stock, no par value
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|
|
(3
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)
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|
|
(4
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)
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|
|
(4
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)
|
|
|
—
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|
Preferred
Stock, no par value
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|
|
(3
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)
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|
|
(4
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)
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|
|
(4
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)
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|
|
—
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|
Debt
Securities
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|
|
(3
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)
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|
|
(4
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)
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|
(4
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)
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|
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—
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|
Warrants
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|
|
(3
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)
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|
(4
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)
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|
|
(4
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)
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|
|
—
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|
Units
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|
(3
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)
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|
(4
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)
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|
(4
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)
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—
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|
Total
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|
$
|
50,000,000
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|
|
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|
$
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50,000,000
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$
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6,225
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|
(1)
|
Pursuant
to Rule 416 under the Securities Act, the shares being registered hereunder include such indeterminate number of shares of
common stock and preferred stock as may be issuable with respect to the shares being registered hereunder as a result of share
splits, share dividends or similar transactions.
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|
|
(2)
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The
proposed maximum offering price per unit and proposed maximum aggregate offering price has been calculated pursuant to Rule
457(o) under the Securities Act.
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(3)
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There
are being registered hereunder such indeterminate number of shares of common stock and preferred stock, such indeterminate
principal amount of debt securities and such indeterminate number of warrants to purchase shares of common stock and preferred
stock or debt securities to be sold by the Registrant which together shall have an aggregate public offering price not to
exceed $50,000,000. If any debt securities are issued at an original issue discount, then the offering price of the debt securities
shall be the total original principal amount of the debt securities for purposes of calculating the total dollar amount of
all securities issued under this prospectus. Any securities registered hereunder may be sold separately or in combination
with the other securities registered hereunder. The proposed maximum offering price will be determined, from time to time,
by the Registrant in connection with the issuance by the Registrant of the securities registered hereunder. The securities
registered also include such indeterminate number of shares of common stock and preferred stock and amount of debt securities
as may be issued upon conversion of or exchange for preferred stock or debt securities that provide for conversion or exchange,
upon exercise of warrants or pursuant to the anti-dilution provisions of any such securities.
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(4)
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The
proposed maximum aggregate offering price per class of security will be determined, from time to time, by the Registrant in
connection with the issuance by the Registrant of the securities registered hereunder and is not specified as to each class
of security pursuant to General Instruction II.D. of Form S-3 under the Securities Act.
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The
Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until
the Registrant shall file a further amendment that specifically states that this registration statement shall thereafter become
effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the registration statement shall
become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. These securities may not be sold until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell nor does it seek an offer
to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED OCTOBER 2, 2017
PROSPECTUS
$50,000,000
Common
Stock
Preferred
Stock
Debt
Securities
Warrants
Units
We
may, from time to time in one or more offerings, offer and sell up to $50.0 million in the aggregate of common stock, preferred
stock, debt securities, warrants to purchase shares of common stock or preferred stock or debt securities, or any combination
of the foregoing, either individually or as units comprised of one or more of the other securities.
This
prospectus provides a general description of the securities we may offer. We will provide the specific terms of the securities
offered in one or more supplements to this prospectus. We may also authorize one or more free writing prospectuses to be provided
to you in connection with these offerings. The prospectus supplement and any related free writing prospectus may add, update or
change information contained in this prospectus. Please read carefully this prospectus, the applicable prospectus supplement,
any related free writing prospectus, and the documents incorporated by reference before you invest in any of our securities.
This
prospectus may not be used to offer or sell any securities unless accompanied by the applicable prospectus supplement.
Our
common stock is listed on the NYSE American under the symbol “OCX.”
On
September 29, 2017, the last reported sale price of our
common stock
was $7.55
per share. The aggregate market value of our outstanding shares of common stock held by non-affiliates, based upon this price,
was approximately $51.4 million. During the 12-month period ending on the date of this prospectus, we have not offered
any securities pursuant to General Instruction I.B.6. of Form S-3.
Investing
in our securities involves a high degree of risk. See “
Risk Factors
” on page 5 of this prospectus and
in the documents incorporated by reference into this prospectus, as updated by the applicable prospectus supplement, any related
free writing prospectus and other future filings we make with the Securities and Exchange Commission that are incorporated by
reference into this prospectus, for a discussion of the factors we urge you to consider carefully before deciding to purchase
our securities.
We
may sell these securities directly to investors, through agents designated from time to time or to or through underwriters or
dealers. For additional information on the methods of sale, please see the section titled “
Plan of Distribution
”
in this prospectus. If any underwriters are involved in the sale of any securities with respect to which this prospectus is being
delivered, the names of such underwriters and any applicable commissions or discounts will be set forth in a prospectus supplement.
The price to the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in
a prospectus supplement.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus or any accompanying prospectus supplement is truthful or complete. Any representation to the contrary
is a criminal offense.
The
date of this prospectus is , 2017
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or the SEC, under the
Securities Act of 1933, as amended, or the Securities Act, using a “shelf” registration process. Under this process,
we may, from time to time, offer and sell, either individually or in combination, in one or more offerings, up to a total dollar
amount of $50.0 million any of the securities described in this prospectus.
This
prospectus provides a general description of the securities we may offer. Each time we sell securities under this prospectus,
we will, to the extent required by law, provide a prospectus supplement that will contain specific information about the terms
of that offering. We may also authorize one or more free writing prospectuses to be provided to you that may contain material
information relating to a particular offering. The prospectus supplement and any related free writing prospectus may also add,
update or change information contained in this prospectus or in any documents that we have incorporated by reference into this
prospectus. To the extent there is a conflict between any statement contained in this prospectus, any applicable prospectus supplement,
any related free writing prospectus or any document incorporated by reference into this prospectus, the statement in the document
having the later date modifies or supersedes the earlier statement.
The
information appearing in this prospectus, any applicable prospectus supplement or any related free writing prospectus is accurate
only as of the date on the front of the document, and any information we have incorporated by reference is accurate only as of
the date of the document incorporated by reference, regardless of the time of delivery of this prospectus, any applicable prospectus
supplement or any related free writing prospectus, or the time of any sale of a security. Our business, financial condition, results
of operations and prospects may have changed since those dates.
You
may rely only on the information contained in, or incorporated by reference into, this prospectus and any applicable prospectus
supplement, or the information contained in any free writing prospectus we have authorized for use in connection with a specific
offering. We have not authorized anyone to provide you with different or additional information. This prospectus is an offer to
sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so.
As
permitted by SEC rules and regulations, the registration statement of which this prospectus forms a part includes additional information
not contained in this prospectus. This prospectus also contains summaries of certain provisions of the documents described herein,
but all summaries are qualified in their entirety by reference to the actual documents. You may read the registration statement
and the other reports we file with the SEC, and you may obtain copies of the actual documents summarized herein (if and when filed
with the SEC), at the SEC’s website or at its offices described in the section of this prospectus titled “
Where
You Can Find More Information
.”
The
representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated
by reference into this prospectus were made solely for the benefit of the parties to such agreement, including, in some cases,
for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation, warranty
or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly,
such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.
SUMMARY
This
summary highlights information contained elsewhere in this prospectus. Before making an investment decision, please carefully
read this entire prospectus and the documents incorporated by reference into this prospectus, especially the “Risk Factors”
section of this prospectus and our financial statements and the related notes incorporated by reference into this prospectus.
In this prospectus, unless the context otherwise requires, the terms “OncoCyte,” “we,” “us”
or “our” refer to OncoCyte Corporation.
Overview
Our
mission is to develop highly accurate, easy to administer, non-invasive molecular diagnostic tests to improve the standard of
care for cancer diagnosis to better meet the needs of patients, physicians and payers. Our initial focus will be confirmatory
diagnostics, utilizing novel liquid biopsy technology, for use in conjunction with imaging to confirm initial suspicious imaging
results such as lung nodules and breast lumps within certain oncology indications. In addition, we may develop screening diagnostics
as potential replacements for screening imaging protocols that do not meet the needs of patients, health care providers or payers.
For some indications, we may also pursue the probability of recurrence of a specific cancer through the development of prognostics;
or companion diagnostics that help a physician determine which therapy is the optimal treatment for the patient.
Our
initial liquid biopsy diagnostic tests will be confirmatory diagnostics and are being developed to reduce false positive results
associated with current diagnostic protocols. These new diagnostic tests are intended to:
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Reduce
unnecessary and sometimes risky procedures, as well as lower the cost of care through the avoidance of more expensive diagnostic
procedures, including invasive biopsy and cystoscopic procedures;
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●
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Improve
the quality of life for cancer patients by reducing the anxiety associated with non-definitive diagnoses; and
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Improve
health outcomes through avoidance of unnecessary invasive procedures.
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We
are currently developing diagnostic tests for three types of cancer: lung cancer, breast cancer, and bladder cancer. Our strategic
focus is to develop diagnostic tests in areas of high unmet need.
We
received Clinical Laboratory Improvements Amendments, or CLIA, certification of registration from the Centers for Medicare and
Medicaid Services. In addition, our laboratory has passed inspection by the California Department of Public Health and is now
fully licensed and operational.
Corporate
Information
We
were incorporated in 2009 in the state of California. Our principal executive offices are located at 1010 Atlantic Avenue, Suite
102, Alameda, California 94501. Our telephone number is (510) 775-0515. Our website address is www.oncocyte.com.
Information
contained on, or accessible through, our website is not a part of, and is not incorporated into, this prospectus, and references
to our website in this prospectus are inactive textual references only.
We were a majority-owned subsidiary of BioTime,
Inc., or BioTime, until February 17, 2017, when BioTime’s shareholdings became less than 50% of our outstanding shares of
common stock.
The
Securities We May Offer
We
may, from time to time in one or more offerings, offer and sell up to $50.0 million in the aggregate of common stock, preferred
stock, debt securities, warrants to purchase common stock, preferred stock or debt securities, or any combination of the foregoing,
either individually or as units comprised of one or more of the other securities. The prices and terms of our offer and sale of
such securities will be determined by market conditions at the time of offering. Each time we offer securities under this prospectus,
we will provide offerees with a prospectus supplement that will describe the specific amounts, prices and other important terms
of the securities being offered, including, to the extent applicable:
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designation
or classification;
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●
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aggregate
principal amount or aggregate offering price;
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maturity,
if applicable;
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original
issue discount, if any;
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rates
and times of payment of interest or dividends, if any;
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redemption,
conversion, exchange or sinking fund terms, if any;
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●
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conversion
or exchange prices or rates, if any, and, if applicable, any provisions for changes to or adjustments in the conversion or
exchange prices or rates and in the securities or other property receivable upon conversion or exchange;
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●
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ranking;
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restrictive
covenants, if any;
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voting
or other rights, if any; and
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important
U.S. federal income tax considerations.
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The
prospectus supplement and any related free writing prospectus that we may authorize to be provided to you may also add, update
or change information contained in this prospectus or in documents we have incorporated by reference. However, no prospectus supplement
or free writing prospectus will offer a security that is not registered and described in this prospectus at the time of the effectiveness
of the registration statement of which this prospectus forms a part.
The
following is a general summary of the securities we may offer with this prospectus. For more specific information regarding any
offering of securities, please read the prospectus supplement and any free writing prospectus that we may authorize to be provided
to you in connection with a particular offering, together with any exhibits that may be filed setting forth the terms of the securities.
Common
Stock
Our
Articles of Incorporation currently authorize the issuance of up to 50,000,000 shares of common stock, no par value. As of August
7, 2017, there were outstanding 31,336,487 shares of common stock, no par value. Each holder of record of common stock is entitled
to one vote for each outstanding share owned, on every matter properly submitted to the shareholders for their vote. Subject to
any dividend rights of holders of any of the preferred stock that we may issue from time to time, holders of common stock are
entitled to any dividend declared by our board of directors out of funds legally available for that purpose. We have never paid
cash dividends on our capital stock and we do not anticipate paying cash dividends in the foreseeable future, but intend to retain
our capital resources for reinvestment in our business.
Preferred
Stock
Our
Articles of Incorporation currently authorize the issuance of up to 5,000,000 shares of preferred stock, no par value. We may
issue preferred stock in one or more series, at any time, with such rights, preferences, privileges and restrictions as our board
of directors may determine, all without further action of our shareholders. Any series of preferred stock which may be authorized
by our board of directors in the future may be senior to and have greater rights and preferences than our common stock. There
are no shares of preferred stock presently outstanding and we have no present plan, arrangement, or commitment to issue any preferred
stock.
Debt
Securities
We
may offer general debt obligations, which may be secured or unsecured, senior or subordinated and convertible into common stock.
In this prospectus, we refer to debt securities having any or all of these features as the “debt securities.” We may
issue debt securities under a note purchase agreement or under an indenture to be entered between us and a trustee. A form of
the indenture is included as an exhibit to the registration statement of which this prospectus forms a part. The indenture does
not limit the amount of securities that may be issued under it and provides that debt securities may be issued in one or more
series. Senior debt securities will have the same rank as other indebtedness that is not subordinated. Subordinated debt securities
will be subordinated to any senior debt on terms set forth in the applicable prospectus supplement. In addition, subordinated
debt securities will be effectively subordinated to creditors and preferred shareholders of our subsidiaries. Our board of directors
will determine the terms of each series of debt securities we may offer.
In
addition to the form of indenture, supplemental indentures and forms of debt securities containing the terms of debt securities
we may offer under this prospectus will be filed as exhibits to the registration statement of which this prospectus forms a part,
or will be incorporated by reference from another report that we file with the SEC.
Warrants
We
may offer warrants for the purchase of common stock, preferred stock or debt securities. We may issue the warrants by themselves
or together with shares or common stock or preferred stock or with debt securities, and the warrants may be attached to or separate
from any offered securities. Our board of directors will determine the terms of the warrants, including the class and
number
of underlying shares, the purchase price and any other rights and privileges, which will be set forth in the
form of warrant
or the warrant agreement and warrant certificate.
Units
We
may offer units comprised of any combination of our common stock, preferred stock, debt securities or warrants to purchase any
of these securities, in one or more series. We may evidence each series of units by unit certificates that we will issue under
a separate agreement. We may enter into unit agreements with a unit agent, which will be a bank or trust company that we select.
We will indicate the name and address of any unit agent in the applicable prospectus supplement relating to a particular series
of units.
RISK
FACTORS
Investing
in our securities involves a high degree of risk and uncertainty. Before making an investment decision with respect to our securities,
we urge you to carefully consider the risks described in the “
Risk Factors
” section of our Annual Report on
Form 10-K for the year ended December 31, 2016 and our Quarterly Reports on Form 10-Q for the quarterly period ended March 31,
2017 and June 30, 2017, which are incorporated by reference into this prospectus. We expect to update these risk factors from
time to time in the periodic and current reports that we file with the SEC after the date of this prospectus, which will be incorporated
by reference into this prospectus. Please also carefully consider the other information included in or incorporated by reference
into this prospectus, as may be updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the
Exchange Act. In connection with any specific offering, we also expect to provide risk factors and other information in the applicable
prospectus supplement or in any related free writing prospectus. If one or more of the adverse events relevant to these risks
and uncertainties actually occurs, our business, financial condition, and results of operations could be severely harmed. This
could cause the trading price of our securities to decline, and you could lose all or part of your investment. Additional risks
and uncertainties not presently known to us or that we currently deem immaterial also may have similar adverse effects on us.
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements contained herein are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements pertaining to the results of CLIA and validity studies of our lung cancer test, our ability to implement
commercialization plans and the timing of these plans, as well as future financial or operating results, future growth in research,
technology, clinical development, potential opportunities, and any statements about the future expectations, beliefs, goals, plans,
or prospects expressed by management. Any statements that are not historical fact (including, but not limited to statements that
contain words such as “will,” “believes,” “plans,” “anticipates,” “expects,”
“estimates”) are forward-looking statements. Forward-looking statements involve risks and uncertainties, including
risks inherent in the development or commercialization of potential diagnostic tests or products, uncertainty in the results of
clinical trials or regulatory approvals, the need and ability to obtain future capital, maintenance of intellectual property rights,
and the need to obtain third party reimbursement for patients’ use of any diagnostic tests we commercialize. Actual results
may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together
with the many uncertainties that affect our business, particularly those mentioned in the “Risk Factors” section of
this prospectus and the filings we make with the SEC. The disclosure in this prospectus, including any f
orward-looking
statement, speaks only as of its date, the date of this prospectus, or the date of any document incorporated by reference into
this prospectus, as applicable.
We disclaim any intent or obligation to update any forward-looking statement, except as
required by law.
USE
OF PROCEEDS
Except
as described in any prospectus supplement or any free writing prospectus in connection with a specific offering, we intend to
use the net proceeds from the sale of the securities offered under this prospectus for working capital and general corporate purposes,
including continued development of its first assay, DetermaVu™, a confirmatory lung cancer diagnostic. We may also use a
portion of the net proceeds to acquire or in-license additional product candidates or complementary assets or businesses; however,
we currently have no agreements, commitments or understandings to complete any such transaction.
We
have not yet identified the amounts we intend to spend on these areas or the timing of the expenditures, which will be based on
many factors. Accordingly, our management will have broad discretion regarding the use of, and investors will be relying on the
judgment of our management regarding the application of, the net proceeds from the sale of the securities offered under this prospectus.
Pending these uses, we intend to invest the net proceeds in short-term, interest bearing, investment-grade securities. We cannot
predict whether these investments will yield a favorable return.
RATIO
OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
The
following table sets forth, for the periods presented, our ratio of earnings to fixed charges and our ratio of earnings to combined
fixed charges and preferred stock dividends. We had no shares of preferred stock outstanding and no preferred stock dividend
requirements during these periods, so these ratios are the same. For purposes of computing these ratios, “earnings”
consist of our net loss plus our fixed charges, and “fixed charges” consist of an estimate of the interest within
rental expense, the interest payments on our loan payable to Silicon Valley Bank, amortization of debt discount on the loan payable
to Silicon Valley Bank, and the interest payments on our equipment leases.
In
each of the periods presented, earnings were insufficient to cover fixed charges and preferred stock dividends, and the
extent of such deficiencies in each period is shown below.
|
|
Three
Months
Ended
June
30,
|
|
|
Six
Months
Ended
June
30,
|
|
|
Year
Ended December 31,
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|
|
|
|
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|
2017
|
|
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2017
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2016
|
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2015
|
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2014
|
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2013
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|
Ratio
of earnings to fixed charges and preferred stock dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
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—
|
|
Deficiency
of earnings available to cover combined fixed charges and preferred stock dividends
|
|
$
|
(3,804
|
)
|
|
$
|
(8,509
|
)
|
|
$
|
(11,168
|
)
|
|
$
|
(8,735
|
)
|
|
$
|
(4,986
|
)
|
|
$
|
(3,495
|
)
|
SECURITIES
WE MAY OFFER
We
may offer shares of common stock and preferred stock, various series of debt securities and warrants to purchase any of such securities,
or any combination of the foregoing, either individually or in units. We may offer up to $50.0 million of securities under this
prospectus. The prices and terms of any offering will be determined by market conditions at the time of offering. Each time we
offer securities under this prospectus, we will provide offerees with a prospectus supplement that will describe the specific
amounts, prices and other important terms of the securities being offered.
DESCRIPTION
OF COMMON STOCK AND PREFERRED STOCK
The
following description of our common stock and preferred stock, together with any additional information we include in any applicable
prospectus supplement, documents incorporated by reference or any related free writing prospectus, summarizes the material terms
and provisions of our common stock and preferred stock that we may offer under this prospectus. While the terms we have summarized
below will apply generally to any future common stock and preferred stock that we may offer, we will describe the particular terms
of any class or series of these securities in more detail in the applicable prospectus supplement. For the complete terms of our
common stock and preferred stock, please refer to our Articles of Incorporation, as amended to date, which are incorporated by
reference into the registration statement of which this prospectus forms a part. The terms of these securities may also be affected
by the California Corporations Code, as may be amended from time to time. The summaries below are qualified in their entirety
by reference to our Articles of Incorporation, as in effect at the time of any offering of securities under this prospectus.
Common
Stock
General
Our
Articles of Incorporation currently authorize the issuance of up to 50,000,000 shares of common stock, no par value. As of August
7, 2017, there were outstanding 31,336,487 shares of common stock, no par value. Each holder of record of common stock is entitled
to one vote for each outstanding share owned, on every matter properly submitted to the shareholders for their vote.
Subject
to any dividend rights of holders of any of the preferred stock that we may issue from time to time, holders of common stock are
entitled to any dividend declared by our board of directors out of funds legally available for that purpose. We have never paid
cash dividends on our capital stock and we do not anticipate paying cash dividends in the foreseeable future, but intend to retain
our capital resources for reinvestment in our business.
Subject
to the prior payment of any liquidation preference to holders of any preferred stock that we may issue from time to time, holders
of common stock are entitled to receive on a pro rata basis all of our remaining assets available for distribution to the holders
of common stock in the event of the liquidation, dissolution, or winding up of our operations. Holders of common stock do not
have any preemptive rights to become subscribers or purchasers of additional shares of any class of our capital stock.
All
of the outstanding shares of our common stock are fully paid and non-assessable. The shares of common stock offered under this
prospectus or upon the conversion of any preferred stock or debt securities or exercise of any warrants offered pursuant to this
prospectus, when paid for and issued
in accordance with the applicable definitive documents
under which they are to be issued,
will also be fully paid and non-assessable.
Securities
Exchange Listing
Our
common stock listed on the
NYSE American
under the symbol “OCX.”
Transfer
Agent and Registrar
The
transfer agent and registrar for our common stock is American Stock Transfer and Trust Company, LLC, 6201 15th Avenue, Brooklyn,
New York 11219.
Preferred
Stock
Our
Articles of Incorporation currently authorize the issuance of up to 5,000,000 shares of preferred stock, no par value. We may
issue preferred stock in one or more series, at any time, with such rights, preferences, privileges and restrictions as our board
of directors may determine, all without further action of our shareholders. Any series of preferred stock which may be authorized
by our board of directors in the future may be senior to and have greater rights and preferences than our common stock. There
are no shares of preferred stock presently outstanding and we have no present plan, arrangement, or commitment to issue any preferred
stock.
The
rights, privileges, preferences and restrictions of any class or series of preferred stock may be subordinated to, pari passu
with or senior to any of those of any present or future class or series of preferred stock or
common
stock
. Our board of directors is also expressly authorized to increase or decrease the number of shares of any series prior
or subsequent to the issue of that series, but not below the number of shares of such series then outstanding. The issuance of
preferred stock may have the effect of decreasing the market price of our common stock and may adversely affect the voting power
of holders of our common stock and reduce the likelihood that holders of our common stock will receive dividend payments and payments
upon liquidation.
The
particular terms of each class or series of preferred stock that we may offer under this prospectus, including redemption privileges,
liquidation preferences, voting rights, dividend rights or conversion rights, will be more fully described in the applicable prospectus
supplement relating to the preferred stock offered thereby. The
applicable
prospectus
supplement will specify the terms of the class or series of preferred stock we may offer, including:
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the
distinctive designation and the maximum number of shares in the class or series;
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the
number of shares we are offering and purchase price per share;
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the
liquidation preference, if any;
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the
terms on which dividends, if any, will be paid;
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the
voting rights, if any;
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the
terms and conditions, if any, on which the shares of the class or series shall be convertible into, or exchangeable for, shares
of any other class or series of authorized capital;
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the
terms on which the shares may be redeemed, if at all;
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any
listing of the preferred stock on any securities exchange or market;
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a
discussion of any material or special U.S. federal income tax considerations applicable to the preferred stock; and
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any
or all other preferences, rights, restrictions, including restrictions on transferability and qualifications of shares of
the class or series.
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DESCRIPTION
OF DEBT SECURITIES
We
may issue debt securities, in one or more series, as either senior or subordinated debt or as senior or subordinated convertible
debt. The following description, together with the additional information we include in any applicable prospectus supplements
or free writing prospectuses, summarizes the material terms and provisions of the debt securities that we may offer under this
prospectus. While the terms we have summarized below will apply generally to any future debt securities we may offer under this
prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus
supplement or free writing prospectus. The terms of any debt securities we offer under a prospectus supplement may differ from
the terms we describe below. However, no prospectus supplement shall fundamentally change the terms that are set forth in this
prospectus or offer a security that is not registered and described in this prospectus at the time of its effectiveness. We had
no outstanding registered debt securities as of June 30, 2017. Unless the context requires otherwise, whenever we refer to the
“indenture,” we also are referring to any supplemental indentures that specify the terms of a particular series of
debt securities.
We
may issue debt securities under a note purchase agreement or under an indenture to be entered between us and a trustee. A form
of the indenture is included as an exhibit to the registration statement of which this prospectus forms a part. The indenture
will be qualified under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act. We use the term “trustee”
to refer to the trustee under the indenture.
The
following summaries of material provisions of senior debt securities, subordinated debt securities and the indenture are subject
to, and qualified in their entirety by reference to, all of the provisions of the indenture and any supplemental indentures applicable
to a particular series of debt securities. We urge you to read the applicable prospectus supplements and any related free writing
prospectuses related to the debt securities that we may offer under this prospectus, as well as the complete indenture that contains
the terms of the debt securities.
General
The
terms of each series of debt securities will be established by or pursuant to a resolution of our board of directors and set forth
or determined in the manner provided in an officers’ certificate or by a supplemental indenture. Debt securities may be
issued in separate series without limitation as to aggregate principal amount. We may specify a maximum aggregate principal amount
for the debt securities of any series. We will describe in the applicable prospectus supplement the terms of the series of debt
securities being offered, including:
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the
title;
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the
principal amount being offered, and if a series, the total amount authorized and the total amount outstanding;
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any
limit on the amount that may be issued;
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whether
or not we will issue the series of debt securities in global form, and, if so, the terms and who the depositary will be;
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the
maturity date;
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whether
and under what circumstances, if any, we will pay additional amounts on any debt securities held by a person who is not a
U.S. person for tax purposes, and whether we can redeem the debt securities if we have to pay such additional amounts;
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the
annual interest rate, which may be fixed or variable, or the method for determining the rate and the date interest will begin
to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for determining
such dates;
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whether
or not the debt securities will be secured or unsecured, and the terms of any secured debt;
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the
terms of the subordination of any series of subordinated debt;
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the
place where payments will be made;
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restrictions
on transfer, sale or other assignment, if any;
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our
right, if any, to defer payment of interest and the maximum length of any such deferral period;
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the
date, if any, after which, and the price at which, we may, at our option, redeem the series of debt securities pursuant to
any optional or provisional redemption provisions and the terms of those redemption provisions;
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provisions
for a sinking fund purchase or other analogous fund, if any, including the date, if any, on which, and the price at which
we are obligated, pursuant thereto or otherwise, to redeem, or at the holder’s option, to purchase, the series of debt
securities and the currency or currency unit in which the debt securities are payable;
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whether
the indenture will restrict our ability or the ability of our subsidiaries to:
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incur
additional indebtedness;
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issue
additional securities;
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create
liens;
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pay
dividends or make distributions in respect of our authorized capital or the authorized capital of our subsidiaries;
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redeem
authorized capital;
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place
restrictions on our subsidiaries’ ability to pay dividends, make distributions or transfer assets;
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make
investments or other restricted payments;
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sell
or otherwise dispose of assets;
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enter
into sale-leaseback transactions;
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engage
in transactions with shareholders or affiliates;
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issue
or sell share of our subsidiaries; or
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effect
a consolidation or merger;
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whether
the indenture will require us to maintain any interest coverage, fixed charge, cash flow-based, asset-based or other financial
ratios;
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a
discussion of certain material or special U.S. federal income tax considerations applicable to the debt securities;
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information
describing any book-entry features;
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the
applicability of the provisions in the indenture on discharge;
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whether
the debt securities are to be offered at a price such that they will be deemed to be offered at an “original issue discount”
as defined in paragraph (a) of Section 1273 of the Internal Revenue Code of 1986, as amended;
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the
denominations in which we will issue the series of debt securities, if other than denominations of $1,000 and any integral
multiple thereof;
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the
currency of payment of debt securities if other than U.S. dollars and the manner of determining the equivalent amount in U.S.
dollars; and
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any
other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities, including any additional
events of default or covenants provided with respect to the debt securities, and any terms that may be required by us or advisable
under applicable laws or regulations.
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Conversion
or Exchange Rights
We
will set forth in the applicable prospectus supplement the terms under which a series of debt securities may be convertible into
or exchangeable for our common stock, preferred stock or other securities (including securities of a third party). We will include
provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include provisions
pursuant to which the number of shares of our common stock or preferred stock or other securities (including securities of a third
party) that the holders of the series of debt securities receive would be subject to adjustment.
Consolidation,
Merger or Sale
Unless
we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, the indenture will not
contain any covenant that restricts our ability to merge or consolidate, or to sell, convey, transfer or otherwise dispose of
all or substantially all of our assets. However, any successor to or acquirer of such assets must assume all of our obligations
under the indenture or the debt securities, as appropriate. If the debt securities are convertible into or exchangeable for our
other securities or securities of other entities, the person with whom we consolidate or merge or to whom we sell all of our property
must make provisions for the conversion of the debt securities into securities that the holders of the debt securities would have
received if they had converted the debt securities before the consolidation, merger or sale.
Events
of Default under the Indenture
Unless
we provide otherwise in the prospectus supplement applicable to a particular series of debt securities, the following are events
of default under the indenture with respect to any series of debt securities that we may issue:
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if
we fail to pay interest when due and payable and our failure continues for 90 days and the time for payment has not been extended;
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if
we fail to pay the principal, premium or sinking fund payment, if any, when due and payable at maturity, upon redemption or
repurchase or otherwise, and the time for payment has not been extended;
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if
we fail to observe or perform any other covenant contained in the debt securities or the indenture, other than a covenant
specifically relating to another series of debt securities, and our failure continues for 90 days after we receive notice
from the trustee or we and the trustee receive notice from the holders of at least 25% in aggregate principal amount of the
outstanding debt securities of the applicable series; and
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if
specified events of bankruptcy, insolvency or reorganization occur.
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We
will describe in each applicable prospectus supplement any additional events of default relating to the relevant series of debt
securities.
If
an event of default with respect to debt securities of any series occurs and is continuing, other than an event of default specified
in the last bullet point above, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt
securities of that series, by notice to us in writing, and to the trustee if notice is given by such holders, may declare the
unpaid principal, premium, if any, and accrued interest, if any, due and payable immediately. If an event of default arises due
to the occurrence of certain specified bankruptcy, insolvency or reorganization events, the unpaid principal, premium, if any,
and accrued interest, if any, of each issue of debt securities then outstanding shall be due and payable without any notice or
other action on the part of the trustee or any holder.
The
holders of a majority in principal amount of the outstanding debt securities of an affected series may waive any default or event
of default with respect to the series and its consequences, except defaults or events of default regarding payment of principal,
premium, if any, or interest, unless we have cured the default or event of default in accordance with the indenture. Any waiver
shall cure the default or event of default.
Subject
to the terms of the indenture, if an event of default under an indenture shall occur and be continuing, the trustee will be under
no obligation to exercise any of its rights or powers under the indenture at the request or direction of any of the holders of
the applicable series of debt securities, unless such holders have offered the trustee reasonable indemnity or security satisfactory
to it against any loss, liability or expense. The holders of a majority in principal amount of the outstanding debt securities
of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to
the trustee, or exercising any trust or power conferred on the trustee, with respect to the debt securities of that series, provided
that:
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the
direction so given by the holder is not in conflict with any law or the indenture; and
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subject
to its duties under the Trust Indenture Act, the trustee need not take any action that might involve it in personal liability
or might be unduly prejudicial to the holders not involved in the proceeding.
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The
indenture provides that if an event of default has occurred and is continuing, the trustee will be required in the exercise of
its powers to use the degree of care that a prudent person would use in the conduct of its own affairs. The trustee, however,
may refuse to follow any direction that conflicts with law or the indenture, or that the trustee determines is unduly prejudicial
to the rights of any other holder of the relevant series of debt securities, or that would involve the trustee in personal liability.
Prior to taking any action under the indenture, the trustee will be entitled to indemnification against all costs, expenses and
liabilities that would be incurred by taking or not taking such action.
A
holder of the debt securities of any series will have the right to institute a proceeding under the indenture or to appoint a
receiver or trustee, or to seek other remedies only if:
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the
holder has given written notice to the trustee of a continuing event of default with respect to that series;
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the
holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made a written
request and such holders have offered reasonable indemnity to the trustee or security satisfactory to it against any loss,
liability or expense or to be incurred in compliance with instituting the proceeding as trustee; and
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the
trustee does not institute the proceeding, and does not receive from the holders of a majority in aggregate principal amount
of the outstanding debt securities of that series other conflicting directions within 90 days after the notice, request and
offer.
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These
limitations do not apply to a suit instituted by a holder of debt securities if we default in the payment of the principal, premium,
if any, or interest on, the debt securities, or other defaults that may be specified in the applicable prospectus supplement.
We
will periodically file statements with the trustee regarding our compliance with specified covenants in the indenture.
The
indenture provides that if a default occurs and is continuing and is actually known to a responsible officer of the trustee, the
trustee must mail to each holder notice of the default within the earlier of 90 days after it occurs and 30 days after it is known
by a responsible officer of the trustee or written notice of it is received by the trustee, unless such default has been cured
or waived. Except in the case of a default in the payment of principal or premium of, or interest on, any debt security or certain
other defaults specified in an indenture, the trustee shall be protected in withholding such notice if and so long as the board
of directors, the executive committee or a trust committee of directors, or responsible officers of the trustee, in good faith
determine that withholding notice is in the best interests of holders of the relevant series of debt securities.
Modification
of Indenture; Waiver
Subject
to the terms of the indenture for any series of debt securities that we may issue, we and the trustee may change an indenture
without the consent of any holders with respect to the following specific matters:
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to
fix any ambiguity, defect or inconsistency in the indenture;
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to
comply with the provisions described above under “
—Consolidation, Merger or Sale
”;
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to
comply with any requirements of the SEC in connection with the qualification of any indenture under the Trust Indenture Act;
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to
add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms or purposes of
issue, authentication and delivery of debt securities, as set forth in the indenture;
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to
provide for the issuance of, and establish the form and terms and conditions of, the debt securities of any series as provided
under “
—General
,” to establish the form of any certifications required to be furnished pursuant to
the terms of the indenture or any series of debt securities, or to add to the rights of the holders of any series of debt
securities;
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to
evidence and provide for the acceptance of appointment hereunder by a successor trustee;
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to
provide for uncertificated debt securities and to make all appropriate changes for such purpose;
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to
add such new covenants, restrictions, conditions or provisions for the benefit of the holders, to make the occurrence, or
the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions
an event of default or to surrender any right or power conferred to us in the indenture; or
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to
change anything that does not adversely affect the interests of any holder of debt securities of any series in any material
respect.
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In
addition, under the indenture, the rights of holders of a series of debt securities may be changed by us and the trustee with
the written consent of the holders of at least a majority in aggregate principal amount of the outstanding debt securities of
each series that is affected. However, subject to the terms of the indenture for any series of debt securities that we may issue
or otherwise provided in the prospectus supplement applicable to a particular series of debt securities, we and the trustee may
only make the following changes with the consent of each holder of any outstanding debt securities affected:
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extending
the stated maturity of the series of debt securities;
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reducing
the principal amount, reducing the rate of or extending the time of payment of interest, or reducing any premium payable upon
the redemption or repurchase of any debt securities; or
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reducing
the percentage of debt securities, the holders of which are required to consent to any amendment, supplement, modification
or waiver.
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Discharge
The
indenture provides that, subject to the terms of the indenture and any limitation otherwise provided in the prospectus supplement
applicable to a particular series of debt securities, we may elect to be discharged from our obligations with respect to one or
more series of debt securities, except for specified obligations, including obligations to:
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register
the transfer or exchange of debt securities of the series;
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replace
stolen, lost or mutilated debt securities of the series;
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maintain
paying agencies;
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hold
monies for payment in trust;
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recover
excess money held by the trustee;
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compensate
and indemnify the trustee; and
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appoint
any successor trustee.
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In
order to exercise our rights to be discharged, we must deposit with the trustee money or government obligations sufficient to
pay all the principal of, and any premium and interest on, the debt securities of the series on the dates payments are due.
Form,
Exchange and Transfer
We
will issue the debt securities of each series only in fully registered form without coupons and, unless we otherwise specify in
the applicable prospectus supplement, in denominations of $1,000 and any integral multiple thereof. The indenture provides that
we may issue debt securities of a series in temporary or permanent global form and as book-entry securities that will be deposited
with, or on behalf of, The Depository Trust Company or another depositary named by us and identified in a prospectus supplement
with respect to that series. See “—
Legal Ownership of Securities
” below for a further description of
the terms relating to any book-entry securities.
At
the option of the holder, subject to the terms of the indenture and the limitations applicable to global securities described
in the applicable prospectus supplement, the holder of the debt securities of any series can exchange the debt securities for
other debt securities of the same series, in any authorized denomination and of like tenor and aggregate principal amount.
Subject
to the terms of the indenture and the limitations applicable to global securities set forth in the applicable prospectus supplement,
holders of the debt securities may present the debt securities for exchange or for registration of transfer, duly endorsed or
with the form of transfer endorsed thereon duly executed if so required by us or the security registrar, at the office of the
security registrar or at the office of any transfer agent designated by us for this purpose. Unless otherwise provided in the
definitive documents applicable to the debt securities that the holder presents for transfer or exchange, we will make no service
charge for any registration of transfer or exchange, but we may require payment of any taxes or other governmental charges.
We
will name in the applicable prospectus supplement the security registrar, and any transfer agent in addition to the security registrar,
that we initially designate for any debt securities. We may at any time designate additional transfer agents or rescind the designation
of any transfer agent or approve a change in the office through which any transfer agent acts, except that we will be required
to maintain a transfer agent in each place of payment for the debt securities of each series.
If
we elect to redeem the debt securities of any series, we will not be required to:
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issue,
register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business
15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and
ending at the close of business on the day of the mailing; or
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register
the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion
of any debt securities we are redeeming in part.
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Information
Concerning the Trustee
The
trustee, other than during the occurrence and continuance of an event of default under an indenture, undertakes to perform only
those duties as are specifically set forth in the indenture and is under no obligation to exercise any of the powers given it
by the indenture at the request of any holder of debt securities unless it is offered reasonable security and indemnity against
the costs, expenses and liabilities that it might incur. However, upon an event of default under an indenture, the trustee must
use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs.
Payment
and Paying Agents
Unless
we otherwise indicate in the applicable prospectus supplement, we will make payment of the interest on any debt securities on
any interest payment date to the person in whose name the debt securities, or one or more predecessor securities, are registered
at the close of business on the regular record date for the interest payment.
We
will pay principal of and any premium and interest on the debt securities of a particular series at the office of the paying agents
designated by us, except that unless we otherwise indicate in the applicable prospectus supplement, we will make interest payments
by check that we will mail to the holder or by wire transfer to certain holders. Unless we otherwise indicate in the applicable
prospectus supplement, we will designate the corporate trust office of the trustee as our sole paying agent for payments with
respect to debt securities of each series. We will name in the applicable prospectus supplement any other paying agents that we
initially designate for the debt securities of a particular series. We will maintain a paying agent in each place of payment for
the debt securities of a particular series.
All
money we pay to a paying agent or the trustee for the payment of the principal of or any premium or interest on any debt securities
that remains unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid
to us, and the holder of the debt security thereafter may look only to us for payment thereof.
Governing
Law
The
indenture and the debt securities will be governed by and construed in accordance with the laws of the State of New York, except
to the extent that the Trust Indenture Act is applicable.
Ranking
Debt Securities
Subordinated
debt securities will be unsecured and will be subordinate and junior in priority of payment to certain other indebtedness to the
extent described in a prospectus supplement.
Senior
debt securities will be unsecured and will rank equally in right of payment to all our other senior unsecured debt. The indenture
does not limit the amount of senior debt securities that we may issue. It also does not limit us from issuing any other secured
or unsecured debt.
Existing
Debt
As
of June 30, 2017, we had $2.0 million in a loan payable to Silicon Valley Bank (which may be increased by $3.0 million subject
to certain conditions), capital lease obligations for equipment amounting to $0.7 million, and an account payable to BioTime of
$2.5 million associated with the BioTime shares we hold as available-for-sale securities. We have no other material existing
debt.
DESCRIPTION
OF WARRANTS
General
We
may offer warrants for the purchase of shares of common stock or preferred stock or debt securities, in one or more series. We
may issue the warrants by themselves or together with common stock, preferred stock or debt securities, and the warrants may be
attached to or separate from any offered securities. While the terms we have summarized below will apply generally to any warrants
that we may offer under this prospectus, we will describe in particular the terms of any series of warrants that we may offer
in more detail in the applicable prospectus supplement and any applicable free writing prospectus. The terms of any warrants offered
by a prospectus supplement may differ from the terms described below.
We
will file as an exhibit to the registration statement of which this prospectus forms a part, or will incorporate by reference
from another report that we file with the SEC, the form of warrant or warrant agreement, which may include a form of warrant certificate,
as applicable, that describes the terms of the particular series of warrants we may offer before the issuance of the related series
of warrants. We may issue the warrants under a warrant agreement that we will enter into with a warrant agent to be selected by
us. The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship
of agency or trust for or with any registered holders of warrants or beneficial owners of warrants. The following summary of material
provisions of the warrants and warrant agreements are subject to, and qualified in their entirety by reference to, all the provisions
of the form of warrant or warrant agreement and warrant certificate applicable to a particular series of warrants. We urge you
to read the applicable prospectus supplement and any related free writing prospectus, as well as the complete form of warrant
or the warrant agreement and warrant certificate, as applicable, that contain the terms of the warrants.
The
particular terms of any issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may
include:
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the
title of such warrants;
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the
aggregate number of such warrants;
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the
price or prices at which such warrants will be issued;
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the
currency or currencies (including composite currencies) in which the price of such warrants may be payable;
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the
terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise
of such warrants;
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the
price at which the securities purchasable upon exercise of such warrants may be purchased;
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the
date on which the right to exercise such warrants will commence and the date on which such right shall expire;
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any
provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price
of the warrants;
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if
applicable, the minimum or maximum amount of such warrants that may be exercised at any one time;
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if
applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants
issued with each such security;
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if
applicable, the date on and after which such warrants and the related securities will be separately transferable;
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information
with respect to book-entry procedures, if any;
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the
terms of any rights to redeem or call the warrants;
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U.S.
federal income tax consequences of holding or exercising the warrants, if material; and
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any
other terms of such warrants, including terms, procedures and limitations relating to the exchange or exercise of such warrants.
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Each
warrant will entitle its holder to purchase the principal amount of debt securities or the number of common stock or preferred
stock at the exercise price set forth in, or calculable as set forth in, the applicable prospectus supplement. The warrants may
be exercised as set forth in the prospectus supplement relating to the warrants offered. Unless we otherwise specify in the applicable
prospectus supplement, warrants may be exercised at any time up to the close of business on the expiration date set forth in the
prospectus supplement relating to the warrants offered thereby. After the close of business on the expiration date, unexercised
warrants will become void.
We
will specify the place or places where, and the manner in which, warrants may be exercised in the form of warrant, warrant agreement
or warrant certificate and applicable prospectus supplement. Upon receipt of payment and the warrant or warrant certificate, as
applicable, properly completed and duly executed at the corporate trust office of any warrant agent, or any other office (including
ours) indicated in the prospectus supplement, we will, as soon as practicable, issue and deliver the securities purchasable upon
such exercise. If less than all of the warrants (or the warrants represented by such warrant certificate) are exercised, a new
warrant or a new warrant certificate, as applicable, will be issued for the remaining amount of warrants. If we so indicate in
the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the exercise price for
warrants.
Prior
to the exercise of any warrants to purchase common stock, preferred stock or debt securities, holders of the warrants will not
have any of the rights of holders of common stock, preferred stock or debt securities purchasable upon exercise, including (i)
in the case of warrants for the purchase of common stock or preferred stock, the right to vote or to receive any payments of dividends
or payments upon our liquidation, dissolution or winding up on the common stock or preferred stock purchasable upon exercise,
if any; or (ii) in the case of warrants for the purchase of debt securities, the right to receive payments of principal of, any
premium or interest on, the debt securities purchasable upon exercise or to enforce covenants in the indenture.
Outstanding
Warrants
As
of June 30, 2017, we had outstanding warrants to purchase 3,049,221 shares of common stock, with a weighted-average exercise
price of $3.41 per share. The warrants may be exercised for cash or, under certain circumstances, on a cashless basis,
in which case we will deliver, upon exercise, the number of shares with respect to which the warrant is being exercised reduced
by a number of shares having a value (as determined in accordance with the terms of the applicable warrant) equal to the aggregate
exercise price of the shares with respect to which the warrant is being exercised.
DESCRIPTION
OF UNITS
The
following description, together with the additional information we may include in any applicable prospectus supplement, summarizes
the material terms and provisions of the units that we may offer under this prospectus. While the terms we have summarized below
will apply generally to any units that we may offer under this prospectus, we will describe the particular terms of any series
of units in more detail in the applicable prospectus supplement and any related free writing prospectus. The terms of any units
offered by a prospectus supplement may differ from the terms described below. However, no prospectus supplement will fundamentally
change the terms that are set forth in this prospectus or offer a security that is not registered and described in this prospectus
at the time of its effectiveness.
We
will file as an exhibit to the registration statement of which this prospectus forms a part, or will incorporate by reference
from another report we file with the SEC, the form of unit agreement that describes the terms of the series of units we may offer
under this prospectus, and any supplemental agreements, before the issuance of the related series of units. The following summaries
of material terms and provisions of the units are subject to, and qualified in their entirety by reference to, all the provisions
of the unit agreement and any supplemental agreements applicable to a particular series of units. We urge you to read the applicable
prospectus supplement and any related free writing prospectus, as well as the complete unit agreement and any supplemental agreements
that contain the terms of the units.
General
We
may offer units comprised of any combination of our common stock, preferred stock, debt securities or warrants to purchase any
of these securities, in one or more series. Each unit will be issued so that the holder of the unit is also the holder of each
security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security.
The unit agreement under which a unit is issued may provide that the securities included in the unit may not be held or transferred
separately, at any time or at any time before a specified date.
We
will describe in the applicable prospectus supplement the terms of the series of units, including:
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the
designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
those securities may be held or transferred separately;
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any
provisions of the governing unit agreement that differ from those described below; and
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any
provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units.
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The
provisions described in this section, as well as those described in the sections of this prospectus titled “
Description
of Common Stock and Preferred Stock
,” “
Description of Debt Securities
” and “
Description
of Warrants
” will apply to each unit and to any common stock, preferred stock, debt security or warrant included in
each unit, respectively.
Enforceability
of Rights by Holders of Units
Each
unit agent will act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship
of agency or trust with any holder of any unit. A single bank or trust company may act as unit agent for more than one series
of units. A unit agent will have no duty or responsibility in case of any default by us under the applicable unit agreement or
unit, including any duty or responsibility to initiate any proceedings at law or otherwise, or to make any demand upon us. Any
holder of a unit may, without the consent of the related unit agent or the holder of any other unit, enforce by appropriate legal
action its rights as holder under any security included in the unit.
We
and any unit agent (including any of its agents) may treat the registered holder of any unit certificate as an absolute owner
of the units evidenced by that certificate for any purpose and as the person entitled to exercise the rights attaching to the
units so requested, despite any notice to the contrary.
LEGAL
OWNERSHIP OF SECURITIES
We
may issue securities in registered form or in the form of one or more global securities. We describe global securities in greater
detail below. We refer to those persons who have securities registered in their own names on the books that we or any applicable
trustee or depositary or warrant agent maintain for this purpose as the “holders” of those securities. These persons
are the legal holders of the securities. We refer to those persons who, indirectly through others, own beneficial interests in
securities that are not registered in their own names, as “indirect holders” of those securities. As we discuss below,
indirect holders are not legal holders, and investors in securities issued in book-entry form or in “street name”
will be indirect holders.
Book-Entry
Holders
We
may issue securities in book-entry form only, if we so specify in the applicable prospectus supplement. This means securities
may be represented by one or more global securities registered in the name of a financial institution that holds them as depositary
on behalf of other financial institutions that participate in the depositary’s book-entry system. These participating institutions,
which are referred to as participants, in turn, hold beneficial interests in the securities on behalf of themselves or their customers.
Only
the person in whose name a security is registered is recognized as the holder of that security. Global securities will be registered
in the name of the depositary. Consequently, for global securities, we will recognize only the depositary as the holder of the
securities, and we will make all payments on the securities to the depositary. The depositary passes along the payments it receives
to its participants, which in turn pass the payments along to their customers who are the beneficial owners. The depositary and
its participants do so under agreements they have made with one another or with their customers; they are not obligated to do
so under the terms of the securities.
As
a result, investors in a global security will not own securities directly. Instead, they will own beneficial interests in a global
security, through a bank, broker or other financial institution that participates in the depositary’s book-entry system
or holds an interest through a participant. As long as the securities are issued in global form, investors will be indirect holders,
and not legal holders, of the securities.
Street
Name Holders
We
may terminate a global security or issue securities that are not issued in global form. In these cases, investors may choose to
hold their securities in their own names or in “street name.” Securities held by an investor in street name would
be registered in the name of a bank, broker or other financial institution that the investor chooses, and the investor would hold
only a beneficial interest in those securities through an account he or she maintains at that institution.
For
securities held in street name, we or any applicable trustee or depositary will recognize only the intermediary banks, brokers
and other financial institutions in whose names the securities are registered as the holders of those securities, and we or any
such trustee or depositary will make all payments on those securities to them. These institutions pass along the payments they
receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or
because they are legally required to do so. Investors who hold securities in street name will be indirect holders, not legal holders,
of those securities.
Legal
Holders
Our
obligations, as well as the obligations of any applicable trustee or third party employed by us or a trustee, run only to the
legal holders of the securities. We do not have obligations to investors who hold beneficial interests in global securities, in
street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a security
or has no choice because we are issuing the securities only in global form.
For
example, once we make a payment or give a notice to the legal holder, we have no further responsibility for the payment or notice
even if that holder is required, under agreements with its participants or customers or by law, to pass it along to the indirect
holders but does not do so. Similarly, we may want to obtain the approval of the legal holders to amend an indenture, to relieve
us of the consequences of a default or of our obligation to comply with a particular provision of an indenture, or for other purposes.
In such an event, we would seek approval only from the legal holders, and not the indirect holders, of the securities. Whether
and how the legal holders contact the indirect holders is up to the legal holders.
Special
Considerations for Indirect Holders
If
you hold securities through a bank, broker or other financial institution, either in book-entry form because the securities are
represented by one or more global securities or in street name, please check with your own institution to find out:
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it handles securities payments and notices;
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whether
it imposes fees or charges;
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how
it would handle a request for the legal holders’ consent, if ever required;
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whether
and how you can instruct it to send you securities registered in your own name so you can be a legal holder, if that is permitted
in the future;
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how
it would exercise rights under the securities if there were a default or other event triggering the need for legal holders
to act to protect their interests; and
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if
the securities are in book-entry form, how the depositary’s rules and procedures will affect these matters.
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Global
Securities
A
global security is a security that represents one or any other number of individual securities held by a depositary. Generally,
all securities represented by the same global securities will have the same terms.
Each
security issued in book-entry form will be represented by a global security that we issue to, deposit with and register in the
name of a financial institution or its nominee that we select. The financial institution that we select for this purpose is called
the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust Company, New York, New
York, known as DTC, will be the depositary for all securities issued in book-entry form.
A
global security may not be transferred to or registered in the name of anyone other than the depositary, its nominee or a successor
depositary, unless special termination situations arise. We describe those situations below under “—
Special Situations
When a Global Security Will Be Terminated
.” As a result of these arrangements, the depositary, or its nominee, will
be the sole registered owner and legal holder of all securities represented by a global security, and investors will be permitted
to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker,
bank or other financial institution that in turn has an account with the depositary or with another institution that does. Thus,
an investor whose security is represented by a global security will not be a legal holder of the security, but only an indirect
holder of a beneficial interest in the global security.
If
the prospectus supplement for a particular security indicates that the security will be issued as a global security, then the
security will be represented by a global security at all times unless and until the global security is terminated. If termination
occurs, we may issue the securities through another book-entry clearing system or decide that the securities may no longer be
held through any book-entry clearing system.
Special
Considerations for Global Securities
As
an indirect holder, an investor’s rights relating to a global security will be governed by the account rules of the investor’s
bank, broker or other financial institution and of the depositary, as well as general laws relating to securities transfers. We
do not recognize an indirect holder as a holder of securities and instead deal only with the depositary that holds the global
security.
If
securities are issued only as global securities, an investor should be aware of the following:
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an
investor cannot cause the securities to be registered in his or her name, and cannot obtain non-global certificates for his
or her interest in the securities, except in the special situations we describe below;
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an
investor will be an indirect holder and must look to his or her own bank, broker or other financial institution for payments
on the securities and protection of his or her legal rights relating to the securities, as we describe above;
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an
investor may not be able to sell interests in the securities to some insurance companies and to other institutions that are
required by law to own their securities in non-book-entry form;
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an
investor may not be able to pledge his or her interest in the global security in circumstances where certificates representing
the securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective;
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the
depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters
relating to an investor’s interest in the global security. We and any applicable trustee have no responsibility for
any aspect of the depositary’s actions or for its records of ownership interests in the global security. We and the
trustee also do not supervise the depositary in any way;
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the
depositary may, and we understand that DTC will, require that those who purchase and sell interests in the global security
within its book-entry system use immediately available funds, and your broker or bank may require you to do so as well; and
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financial
institutions that participate in the depositary’s book-entry system, and through which an investor holds its interest
in the global security, may also have their own policies affecting payments, notices and other matters relating to the securities.
There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not
responsible for the actions of any of those intermediaries.
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Special
Situations When a Global Security Will Be Terminated
In
a few special situations described below, a global security will terminate and interests in it will be exchanged for physical
certificates representing those interests. After that exchange, the choice of whether to hold securities directly or in street
name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in
securities transferred to their own names, so that they will be direct holders. We have described the rights of holders and street
name investors above.
A
global security will terminate when the following special situations occur:
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if
the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security
and we do not appoint another institution to act as depositary within 90 days;
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if
we notify any applicable trustee that we wish to terminate that global security; or
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if
an event of default has occurred with regard to securities represented by that global security and has not been cured or waived.
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The
applicable prospectus supplement may also list additional situations for terminating a global security that would apply only to
the particular series of securities covered by the prospectus supplement. When a global security terminates, the depositary, and
neither we nor any applicable trustee, is responsible for deciding the names of the institutions that will be the initial direct
holders.
PLAN
OF DISTRIBUTION
We
may sell these securities directly to one or more investors. We may also sell these securities through agents designated from
time to time or to or through underwriters or dealers. The applicable prospectus supplement and any related free writing prospectus
will describe the terms of the offering of the securities, including, to the extent applicable:
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the
name or names of any agents, underwriters or dealers;
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the
purchase price of the securities being offered and the net proceeds we will receive from the sale;
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any
over-allotment options under which underwriters may purchase additional securities from us;
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any
agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation;
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any
discounts or concessions allowed or reallowed or paid to dealers; and
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any
securities exchanges or markets on which such securities may be listed.
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may distribute the securities from time to time in one or more transactions at:
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a
fixed price or prices, which may be changed from time to time;
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market
prices prevailing at the time of sale;
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prices
related to such prevailing market prices; or
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negotiated
prices.
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Agents
We
may designate agents who agree to use their reasonable efforts to solicit purchases of our securities for the period of their
appointment or to sell our securities on a continuing basis. We will name any agent involved in the offering and sale of securities
and we will describe any fees or commissions we will pay the agent in the applicable prospectus supplement.
Underwriters
If
we use underwriters for a sale of securities, the underwriters will acquire the securities for their own account. The underwriters
may resell the securities in one or more transactions, including negotiated transactions, at a fixed public offering price or
at varying prices determined at the time of sale. The obligations of the underwriters to purchase the securities will be subject
to the conditions set forth in the applicable underwriting agreement. Subject to certain conditions, the underwriters will be
obligated to purchase all the securities of the series offered if they purchase any of the securities of that series. We may change
from time to time any public offering price and any discounts or concessions the underwriters allow or reallow or pay to dealers.
We may use underwriters with whom we have a material relationship. We will name any underwriter involved in the offering and sale
of securities, describe any discount or other compensation and describe the nature of any material relationship in any applicable
prospectus supplement. Only underwriters we name in the prospectus supplement will be underwriters of the securities offered by
that prospectus supplement.
We
may have agreements with the agents and underwriters to indemnify them against specified civil liabilities related to offerings
under this prospectus, including liabilities under the Securities Act, or contribution with respect to payments that the agents
or underwriters may make with respect to these liabilities.
Underwriters,
dealers and agents that participate in the distribution of the securities may be underwriters as defined in the Securities Act,
and any discounts or commissions they receive from us and any profit on their resale of the securities may be treated as underwriting
discounts and commissions under the Securities Act. We will identify in the applicable prospectus supplement any underwriters,
dealers or agents and will describe their compensation. We may have agreements with the underwriters, dealers and agents to indemnify
them against specified civil liabilities related to offerings under this prospectus, including liabilities under the Securities
Act, or contribution with respect to payments that the agents or underwriters may make with respect to these liabilities. Underwriters,
dealers and agents may engage in transactions with or perform services for us in the ordinary course of their businesses.
Trading
Markets and Listing of Securities
Unless
otherwise specified in the applicable prospectus supplement, each class or series of securities will be a new issue with no established
trading market, other than our common stock, which is currently listed on the NYSE American. We may elect to list or qualify
for trading any other class or series of securities on any securities exchange or other market, but we are not obligated to do
so. It is possible that one or more underwriters may make a market in a class or series of securities, but the underwriters will
not be obligated to do so and may discontinue any market making at any time without notice. We cannot give any assurance as to
the liquidity of the trading market for any of the securities.
Stabilization
Activities
Any
underwriter may engage in overallotment, stabilizing transactions, short covering transactions and penalty bids in accordance
with Regulation M under the Exchange Act. Overallotment involves sales in excess of the offering size, which create a short position.
Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified
maximum. Short covering transactions involve purchases of the securities in the open market after the distribution is completed
to cover short positions. Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities
originally sold by the dealer are purchased in a covering transaction to cover short positions. Those activities may cause the
price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of these activities
at any time.
Passive
Market Making
Any
underwriter who is a qualified market maker on the NYSE American may engage in passive market making transactions in securities
listed on the NYSE American in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of
the offering, before the commencement of offers or sales of the securities. A passive market maker must comply with applicable
volume and price limitations and must be identified as a passive market maker. In general, a passive market maker must display
its bid at a price not in excess of the highest independent bid for such security. If all independent bids are lowered below the
passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits
are exceeded.
LEGAL
MATTERS
Unless
otherwise indicated in the applicable prospectus supplement, t
he validity of any common
stock, preferred stock, debt securities, warrants or units offered under this prospectus and any supplement hereto will be passed
upon for us by DLA Piper LLP (US), Seattle, Washington.
EXPERTS
The
balance sheets of OncoCyte Corporation as of December 31, 2016 and 2015,
and the related
statements of operations, comprehensive loss, stockholders’ equity (deficit), and cash flows for each of the three years
in the period ended December 31, 2016
, have been incorporated by reference into this prospectus and the registration statement
in reliance on the report of OUM & Co. LLP,
an independent registered public accounting
firm, upon the authority of said firm as experts in auditing and accounting.
INFORMATION
INCORPORATED BY REFERENCE
We
are “incorporating by reference” certain documents we file with the SEC, which means that we can disclose important
information to you by referring you to those documents. The information in the documents incorporated by reference is considered
to be part of this prospectus. Statements contained in documents that we file with the SEC and that are incorporated by reference
into this prospectus will automatically update and supersede information contained in this prospectus, including information in
previously filed documents or reports that have been incorporated by reference into this prospectus, to the extent the new information
differs from or is inconsistent with the old information.
We
hereby incorporate by reference into this prospectus the following documents that we have filed with the SEC under the Exchange
Act File No. 001-
37648
(other
than current reports on Form 8-K, or portions thereof, furnished under Items 2.02 or 7.01 of Form 8-K):
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Our
Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the SEC on February 27, 2017;
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Our
Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2017 and June 30, 2017, as filed
with the SEC on April 28, 2017 and August 14, 2017, respectively;
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Our
Current Reports on Form 8-K, as filed with the SEC on February 24, 2017, February 27, 2017, March 3, 2017, March 6, 2017,
March 10, 2017, April 28, 2017, June 21, 2017, July 26, 2017 and August 15, 2017;
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Our
proxy statement on Schedule 14A for our 2017 annual meeting of shareholders, as filed with the SEC on April 28, 2017; and
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The
description of our common stock included in our registration statement on Form 10, as filed with the SEC on November 23, 2015
and amended on December 21, 2015 and December 29, 2015.
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All
documents that we file with the SEC pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than current reports
on Form 8-K, or portions thereof, furnished under Items 2.02 or 7.01 of Form 8-K) (i) after the initial filing date of the registration
statement of which this prospectus forms a part and prior to the effectiveness of such registration statement and (ii) after the
date of this prospectus and prior to the termination of the offering shall be deemed to be incorporated by reference into this
prospectus from the date of filing of the documents, unless we specifically provide otherwise. Information that we file with the
SEC will automatically update and may replace information previously filed with the SEC. To the extent that any information contained
in any current report on Form 8-K or any exhibit thereto, was or is furnished to, rather than filed with the SEC, such information
or exhibit is specifically not incorporated by reference.
Upon
written or oral request made to us at the address or telephone number below, we will, at no cost to the requester, provide to
each person, including any beneficial owner, to whom this prospectus is delivered, a copy of any or all of the information that
has been incorporated by reference into this prospectus (other than an exhibit to a filing, unless that exhibit is specifically
incorporated by reference into that filing), but not delivered with this prospectus:
OncoCyte
Corporation
1010
Atlantic Avenue, Suite 102
Alameda,
California 94501
(510)
775-0515
WHERE
YOU CAN FIND MORE INFORMATION
As
permitted by SEC rules, this prospectus omits certain information that is included in the registration statement of which this
prospectus forms a part and its exhibits. Since this prospectus may not contain all of the information that you may find important,
we urge you to review the full text of these documents. If we have filed a contract, agreement or other document as an exhibit
to the registration statement of which this prospectus forms a part, please read the exhibit for a more complete understanding
of the document or matter involved. Each statement in this
prospectus,
including statements incorporated by reference as discussed above, regarding a contract, agreement or other document is qualified
in its entirety by reference to the actual document.
We
are subject to the information reporting requirements of the Exchange Act and, in accordance with these requirements, we file
annual, quarterly and current reports, proxy statements, information statements, and other information with the SEC. You may read
and copy any materials we file with the SEC at the SEC’s Public Reference Room located at 100 F Street, NE, Washington,
D.C., 20549. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. The
SEC also maintains an internet site that contains these materials at www.sec.gov. In addition, we
provide
free access to these materials through
our website,
www.oncocyte.com,
as
soon as reasonably practicable after they are filed with or furnished to the SEC.
$50,000,000
Common
Stock
Preferred
Stock
Debt
Securities
Warrants
Units
PROSPECTUS
, 2017
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
14.
|
Other
Expenses of Issuance and Distribution
|
The
following table sets forth the fees and expenses incurred or expected to be incurred by OncoCyte Corporation (the “Registrant”)
in connection with the issuance and distribution of the securities being registered hereby, other than underwriting discounts
and commissions. All the amounts shown are estimates, except for the SEC registration fee.
SEC
registration fee
|
|
$
|
6,225
|
|
NYSE
American listing fee
|
|
|
*
|
|
FINRA
filing fees
|
|
|
*
|
|
Accounting
fees and expenses
|
|
|
*
|
|
Legal
fees and expenses
|
|
|
*
|
|
Transfer
agent fees and expenses
|
|
|
*
|
|
Printing
and miscellaneous expenses
|
|
|
*
|
|
Total
|
|
$
|
*
|
|
*
|
These
fees or expenses cannot be estimated at this time, as they are calculated based on the securities offered and the number of
issuances.
|
Item
15.
|
Indemnification
of Directors and Officers
|
Section
317 of the California Corporations Code permits indemnification of directors, officers, employees and other agents of corporations
under certain conditions and subject to certain limitations. In addition, Section 204(a)(10) of the California Corporations Code
permits a corporation to provide, in its articles of incorporation, that directors shall not have liability to the corporation
or its shareholders for monetary damages for breach of fiduciary duty, subject to certain prescribed exceptions. Article Five
of the Registrant’s Articles of Incorporation contains provisions for the indemnification of directors, officers, employees
and other agents within the limitations permitted by Section 317 and for the limitation on the personal liability of directors
permitted by Section 204(b)(10), subject to the exceptions required thereby.
Under
Article VI of the Registrant’s bylaws, any person who is or was one of the Registrant’s directors or officers, employees,
or other agents, or is or was serving at the Registrant’s request as a director, officer, employee, or agent of another
foreign or domestic corporation, partnership, joint venture, trust, or other enterprise, will be considered an “agent”
entitled to indemnification against expenses arising under certain proceedings. To the maximum extent permitted by the California
Corporations Code, the Registrant will indemnify any person who was or is a party, or is threatened to be made a party, to any
proceeding (other than an action by or in the right of the Registrant) by reason of the fact that the person is or was an agent
of the Registrant, against expenses, judgments, fines, settlements, and other amounts actually and reasonably incurred in connection
with the proceeding if that person acted in good faith and in a manner that person reasonably believed to be in the best interests
of the Registrant and, in the case of a criminal proceeding, had no reasonable cause to believe his conduct of was unlawful. The
termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent
shall not, of itself, create a presumption that the agent did not act in good faith and in a manner which agent reasonably believed
to be in the best interests of the Registrant or that the agent had reasonable cause to believe that his conduct was unlawful.
The
Registrant will also indemnify any agents any who was or is a party or is threatened to be made a party, to any threatened, pending
or completed action by or in the right of the Registrant to procure a judgment in its favor by reason of the fact that person
is or was an agent of the Registrant , against expenses actually and reasonably incurred by the agent in connection with the defense
or settlement of that action if the agent acted in good faith, in a manner that the agent believed to be in the best interests
of the Registrant and with such care, including reasonable inquiry, as an ordinarily prudent person in a like position would use
under similar circumstances. No indemnification shall be made:
|
●
|
In
respect of any claim, issue or matter as to which that the agent is adjudged to be liable to the Registrant in the performance
of that person’s duty to the Registrant, unless and only to the extent that the court in which that action was brought
shall determine upon application that, in view of all the circumstances of the case, that the agent is fairly and reasonably
entitled to indemnity for the expenses which the court shall determine;
|
|
|
|
|
●
|
Of
amounts paid in settling or otherwise disposing of a threatened or pending action, with or without court approval; or
|
|
|
|
|
●
|
Of
expenses incurred in defending a threatened or pending action which is settled or otherwise disposed of without court approval.
|
To
the extent that an agent of the Registrant is successful on the merits in defense of any proceeding for which the agent is entitled
to indemnification under the Registrant’s bylaws, the agent will be indemnified against expenses of the defense actually
and reasonably incurred.
Except
as with respect to a successful defense on the merits in a proceeding, indemnification will be provided under the Registrant’s
bylaws only if authorized in the specific case on a determination that indemnification of the agent is proper in the circumstances
because the agent has met the applicable standard of conduct set forth in the Registrant’s bylaws, by:
|
●
|
A
majority vote of a quorum consisting of directors who are not parties to the proceeding;
|
|
|
|
|
●
|
Approval
by the affirmative vote of a majority of the shares of the Registrant entitled to vote
represented at a duly held meeting at which a quorum is present or by the written consent
of holders of a majority of the outstanding shares entitled to vote. For this purpose,
the shares owned by the person to be indemnified shall not be considered outstanding
or entitled to vote thereon; or
|
|
|
|
|
●
|
The
court in which the proceeding is or was pending, on application made by the Registrant
or the agent or the attorney or other person rendering services in connection with the
defense, whether or not such application by the agent, attorney, or other person is opposed
by the Registrant.
|
Expenses
incurred in defending any proceeding may be advanced by the Registrant before the final disposition of the proceeding on receipt
of an undertaking by or on behalf of the agent to repay the amount of the advance unless it shall be determined ultimately that
the agent is entitled to be indemnified as authorized in the Registrant’s bylaws.
The
Registrant will not provide indemnification or advance expenses on behalf of an agent in any circumstance where it appears that
it would be inconsistent with:
|
●
|
A
provision of the Registrant’s articles of incorporation, a resolution of the shareholders, or an agreement in effect
at the time of the accrual of the alleged cause of action asserted in the proceeding in which the expenses were incurred or
other amounts were paid, which prohibits or otherwise limits indemnification; or
|
|
|
|
|
●
|
Any
condition expressly imposed by a court in approving a settlement.
|
The
foregoing summaries are necessarily subject to the complete text of the California Corporations Code and the Registrant’s
articles of incorporation and bylaws.
The
Registrant has obtained directors’ and officers’ liability insurance, as well as other types of insurance, for its
directors, officers, employees and agents with respect to certain liabilities, including liabilities arising under the Securities
Act.
Reference
is made to Item 17 of the Registrant’s undertakings with respect to liabilities arising under the Securities Act of 1933,
as amended (the “Securities Act”). Reference is also made to the form of sales agreement filed as Exhibit 1.2, and
any underwriting agreement that may be filed as Exhibit 1.1, to this registration statement for the indemnification agreements
between the Registrant and the sales agent and any underwriters.
The
list of exhibits in the Exhibit Index immediately following this registration statement is incorporated herein by reference.
|
(a)
|
The
undersigned registrant hereby undertakes:
|
|
|
(1)
|
To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
|
|
|
(i)
|
To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
|
|
|
|
|
|
|
(ii)
|
To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered
(if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low
or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum
aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration
statement; and
|
|
|
|
|
|
|
(iii)
|
To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement;
|
|
|
Provided,
however, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in
a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration
statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement;
|
|
|
(2)
|
That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be
deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof;
|
|
|
|
|
|
|
(3)
|
To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold
at the termination of the offering;
|
|
|
|
|
|
|
(4)
|
That,
for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
|
|
|
(A)
|
Each
prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as
of the date the filed prospectus was deemed part of and included in the registration statement; and
|
|
|
|
|
|
|
(B)
|
Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information
required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract
of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the
issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration
statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that
was made in the registration statement or prospectus that was part of the registration statement or made in any such document
immediately prior to such effective date; and
|
|
|
(5)
|
That,
for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned
registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the
purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
|
|
|
(i)
|
Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant
to Rule 424;
|
|
|
|
|
|
|
(ii)
|
Any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred
to by the undersigned registrant;
|
|
|
|
|
|
|
(iii)
|
The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned
registrant or its securities provided by or on behalf of the undersigned registrant; and
|
|
|
|
|
|
|
(iv)
|
Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
|
|
(b)
|
The
undersigned registrant hereby undertakes that, for the purpose of determining liability under the Securities Act of 1933,
each filing of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange
Act of 1934 (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d)
of the Securities Exchange Act of 1934) that is incorporated by reference into the registration statement shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
|
|
|
|
|
(c)
|
Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and
is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Act and will be governed by the final adjudication of such issue.
|
|
(d)
|
The
undersigned registrant hereby undertakes that:
|
|
|
(1)
|
For
purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the
Registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration
statement as of the time it was declared effective.
|
|
|
|
|
|
|
(2)
|
For
the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form
of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering
of such securities at that time shall be deemed to be the initial bona fide offering thereof.
|
|
(e)
|
The
undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee
to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed
by the Commission under Section 305(b)(2) of the Act.
|
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in the City of Alameda, State of California on October 2, 2017.
|
OncoCyte
Corporation
|
|
|
|
|
By:
|
/s/
William Annett
|
|
|
William
Annett
|
|
|
President
and Chief Executive Officer
|
POWER
OF ATTORNEY
KNOW
BY ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints William Annett or Alfred
Kingsley as his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in
his name, place and stead, in any and all capacities, to sign any and all Amendments hereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact
and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about
the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue thereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the
capacities and on the dates indicated.
Name
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/
William Annett
|
|
President
and Chief Executive Officer and
|
|
October
2, 2017
|
William
Annett
|
|
Director
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/s/
Russell Skibsted
|
|
Chief
Financial Officer
|
|
October
2, 2017
|
Russell
L. Skibsted
|
|
(Principal
Financial and Accounting Officer)
|
|
|
|
|
|
|
|
/s/
Andrew Arno
|
|
Director
|
|
October
2, 2017
|
Andrew
Arno
|
|
|
|
|
|
|
|
|
|
/s/
Don Bailey
|
|
Director
|
|
October
2, 2017
|
Don
Bailey
|
|
|
|
|
|
|
|
|
|
/s/
Alfred Kingsley
|
|
Director
|
|
October
2, 2017
|
Alfred
Kingsley
|
|
|
|
|
|
|
|
|
|
/s/
Andrew Last
|
|
Director
|
|
October
2, 2017
|
Andrew
Last
|
|
|
|
|
|
|
|
|
|
/s/
Aditya Mohanty
|
|
Director
|
|
October
2, 2017
|
Aditya
Mohanty
|
|
|
|
|
|
|
|
|
|
/s/
Cavan Redmond
|
|
Director
|
|
October
2, 2017
|
Cavan
Redmond
|
|
|
|
|
EXHIBIT
INDEX
*
|
To
be filed by amendment or as an exhibit to a Current Report on Form 8-K and incorporated herein by reference, if applicable.
|
|
|
**
|
To
be filed separately under electronic form type 305B2, if applicable.
|
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