SAN DIEGO, Dec. 12, 2019 /PRNewswire/ -- Biocept, Inc.
(NASDAQ: BIOC) ("Biocept" or the "Company"), a leading commercial
provider of liquid biopsy solutions, today announced that on
December 11, 2019 it closed its
previously announced underwritten public offering of 24,600,000
shares of its common stock (or pre-funded warrants to purchase
common stock in lieu thereof) and warrants to purchase up to
24,600,000 shares of its common stock. Each share of common
stock or pre-funded warrant was sold together with one warrant to
purchase one share of common stock at a combined price to the
public of $0.405 per share and
warrant. Gross proceeds, before underwriting discounts and
commissions and estimated offering expenses, were approximately
$10.0 million. In addition, Biocept
granted to Maxim Group LLC a 45-day option to purchase up to an
additional 3,690,000 shares of common stock and/or warrants to
purchase up to 3,690,000 shares of common stock, at the public
offering price less discounts and commissions, of which Maxim Group
LLC has partially exercised its option to purchase warrants to
purchase up to 1,927,500 shares of common stock.
The warrants are immediately exercisable at a price of
$0.405 per share of common stock and
will expire five years from the date of issuance.
Additionally, if the volume-weighted average price of our common
stock is below the exercise price per share of the warrants on any
trading day beginning the earlier of (i) January 8, 2020, and (ii) the trading day on
which the aggregate trading volume of Biocept's common stock is
equal to more than three times the number of shares of common stock
sold in the offering, then the warrantholders may elect to cashless
exercise their warrants for a number of shares equal to 50% of the
shares issuable upon cash exercise. Each pre-funded warrant has an
exercise price of $0.01 per share, is
exercisable immediately and will expire when exercised in
full. The shares of common stock or the pre-funded warrants
and the accompanying warrants, were sold together in the offering,
but were issued separately and were immediately separable upon
issuance.
Maxim Group LLC acted as the book-running manager and Dawson
James Securities, Inc. acted as a co-manager in connection with the
offering.
The offering was conducted pursuant to the Company's
registration statement on Form S-1 (File No. 333-234459), as
amended, previously filed with and subsequently declared effective
by the Securities and Exchange Commission ("SEC"). A final
prospectus relating to the offering has been filed with the SEC and
is available on the SEC's website at http://www.sec.gov.
Electronic copies of the final prospectus relating to this offering
may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd
Floor, New York, NY 10174, at
(212) 895-3745.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Biocept
Biocept, Inc. is a molecular diagnostics company with
commercialized assays for lung, breast, gastric, colorectal and
prostate cancers, and melanoma. The Company uses its proprietary
liquid biopsy technology to provide physicians with clinically
actionable information for treating and monitoring patients
diagnosed with cancer. The Company's patented Target Selector™
liquid biopsy technology platform captures and analyzes
tumor-associated molecular markers in both circulating tumor cells
(CTCs) and in circulating tumor DNA (ctDNA).
Contact:
LHA Investor Relations
Jody
Cain
Jcain@lhai.com
310-691-7100
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SOURCE Biocept, Inc.