UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

 

 

Oncocyte Corporation
(Name of Issuer)

 

 

Common Stock, no par value
(Title of Class of Securities)

 

 

68235C107
(CUSIP Number)

 

 

Neal C. Bradsher

c/o Broadwood Capital, Inc.

142 West 57th Street, 11th Floor

New York, New York 10019

(212) 508-5735

(Name, Address and Telephone Number of Person Authorized to Receive

Notices and Communications)

 

 

September 23, 2021
(Date of Event Which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [_].
 

 

 

 

CUSIP No. 68235C107    
     

 

1. NAME OF REPORTING PERSONS  
     
  Broadwood Partners, L.P.  
     
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)   [_]
    (b)   [X]
     
3. SEC USE ONLY  
     
     
     
4. SOURCE OF FUNDS  
     
  WC  
     
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)   [_]
     
     
     
6. CITIZENSHIP OR PLACE OF ORGANIZATION  
     
  Delaware  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
     
7. SOLE VOTING POWER  
     
  0  
     
8. SHARED VOTING POWER  
     
  17,832,445  
     
9. SOLE DISPOSITIVE POWER
     
  0  
     
10. SHARED DISPOSITIVE POWER   [_]
     
  17,832,445  
     
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING  
  PERSON  

     
  17,832,445  
     
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES  
  CERTAIN SHARES  
     
     
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
     
  19.2%  
     
14. TYPE OF REPORTING PERSON  
     
  PN  
     
     

 

 

 

 

 

CUSIP No. 68235C107    
     

 

1. NAME OF REPORTING PERSONS  
     
  Broadwood Capital, Inc.  
     
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)   [_]
    (b)   [X]
     
3. SEC USE ONLY  
     
     
     
4. SOURCE OF FUNDS  
     
  AF  
     
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)   [_]
     
     
     
6. CITIZENSHIP OR PLACE OF ORGANIZATION  
     
  New York  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
     
7. SOLE VOTING POWER  
     
  0  
     
8. SHARED VOTING POWER  
     
  17,832,445  
     
9. SOLE DISPOSITIVE POWER
     
  0  
     
10. SHARED DISPOSITIVE POWER   [_]
     
  17,832,445  
     
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING  
  PERSON  

     
  17,832,445  
     
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES  
  CERTAIN SHARES  
     
     
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
     
  19.2%  
     
14. TYPE OF REPORTING PERSON  
     
  CO, IA  
     
     

 

 

 

 

 

CUSIP No. 68235C107    
     

 

1. NAME OF REPORTING PERSONS  
     
  Neal C. Bradsher  
     
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)   [_]
    (b)   [X]
     
3. SEC USE ONLY  
     
     
     
4. SOURCE OF FUNDS  
     
  PF, AF  
     
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)   [_]
     
     
     
6. CITIZENSHIP OR PLACE OF ORGANIZATION  
     
  United States of America  
     
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     
     
7. SOLE VOTING POWER  
     
  3,145  
     
8. SHARED VOTING POWER  
     
  17,832,445  
     
9. SOLE DISPOSITIVE POWER
     
  3,145  
     
10. SHARED DISPOSITIVE POWER   [_]
     
  17,832,445  
     
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING  
  PERSON  

     
  17,835,590  
     
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES  
  CERTAIN SHARES  
     
     
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
     
  19.3%  
     
14. TYPE OF REPORTING PERSON  
     
  IN, HC  
     
     

 

 

 

 

 

CUSIP No. 68235C107    
     
Item 1. Security and Issuer.  
     
 

The name of the issuer is Oncocyte Corporation, a California corporation (the “Issuer”). The address of the Issuer’s principal executive office is 15 Cushing, Irvine, California 92618. This Amendment No. 7 to Schedule 13D relates to the Issuer’s Common Stock, no par value (the "Shares").

 

 
     

 

Item 2. Identity and Background.  
     
  (a), (f) The persons filing this statement are: (i) Broadwood Partners, L.P., a Delaware limited partnership ("Broadwood Partners"); (ii) Broadwood Capital, Inc., a New York corporation ("Broadwood Capital"); and (iii) Neal C. Bradsher, a United States citizen (“Mr. Bradsher”, and collectively with Broadwood Partners and Broadwood Capital, the "Reporting Persons").  
       
  (b), (c) Broadwood Capital is an investment adviser registered with the Securities and Exchange Commission that is principally engaged in the business of providing investment advisory services.  Broadwood Partners is a pooled investment vehicle that is principally engaged in the business of investing its assets in securities.  Broadwood Capital serves as the general partner of Broadwood Partners.  Neal Bradsher is the President of Broadwood Capital.  The principal business address of the Reporting Persons is: c/o Broadwood Capital, Inc., 142 West 57th Street, 11th Floor, New York, New York 10019.    
       
  (d) None of the Reporting Persons have, during the last five years, been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors).  
       
  (e)

None of the Reporting Persons have, during the last five years, been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

 
       

 

 

 

 

Item 3. Source and Amount of Funds or Other Consideration.  
       
 

The funds for the purchase of the 17,832,445 Shares beneficially owned by Broadwood Partners came from its working capital. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

 

The funds for the purchase of the 17,832,445 Shares beneficially owned by Broadwood Capital came from the working capital of Broadwood Partners, which is the direct owner of the Shares. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

 

The funds for the purchase of the 17,835,590 Shares beneficially owned by Mr. Bradsher came from his personal funds and the working capital of Broadwood Partners. No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes in the ordinary course of business.

 

 
       

 

Item 4. Purpose of Transaction.  
     

 

The Reporting Persons acquired their Shares for investment and are filing this Schedule 13D/A to report that, on September 23, 2021, Broadwood Partners and the Issuer entered into a Warrant Exercise Agreement. Pursuant to the Warrant Exercise Agreement, (i) the Issuer agreed to reduce the exercise price of a common stock warrant (the “Common Stock Warrant”) held by Broadwood Partners to purchase up to 573,461 Shares from $3.25 per Share to $3.1525 per Share; and (ii) Broadwood Partners agreed to exercise the Common Stock Warrant in full on or prior to September 30, 2021. Shortly after executing the Warrant Exercise Agreement, Broadwood Partners exercised the Common Stock Warrant in full and received 573,461 Shares in exchange for payment to the Issuer of $1,807,835.81.

 

The foregoing was a summary of certain material terms of the Warrant Exercise Agreement. The foregoing description is not, and does not purport to be, complete and is qualified in its entirety by reference to the full text of the form of the Warrant Exercise Agreement, which has been filed as Exhibit B and is incorporated herein by reference.

 

Except as otherwise set forth herein, the Reporting Persons do not have any present plans or proposals which would relate to, or result in, the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D. However, subject to market conditions and in compliance with applicable securities laws, the Reporting Persons reserve the right, at a later date, to effect one or more of such changes or transactions in the number of Shares they may be deemed to beneficially own in open-market or privately negotiated transactions, on such terms and at such times as the Reporting Persons may deem advisable.

 

 
 

The Reporting Persons have been, and may continue to be, in contact with members of the Issuer’s management, the board of directors of the Issuer (the “Board of Directors”), other significant shareholders and others regarding alternatives that the Issuer could employ to maximize the creation of shareholder value over time.

 

The Reporting Persons further reserve the right to act in concert with any other shareholders of the Issuer, or other persons, for a common purpose should it determine to do so, and/or to recommend courses of action to shareholders, the Board of Directors and/or the management of the Issuer.

 
       
       

 

 

 

 

 

Item 5. Interest in Securities of the Issuer.  
     
  (a) – (d) As of the date hereof, Broadwood Partners may be deemed to be the beneficial owner of 17,832,445 Shares, constituting 19.2% of the Shares, based upon 92,637,742 Shares outstanding as of the date hereof, as adjusted to include warrants beneficially owned by Broadwood Partners.  Broadwood Partners has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 17,832,445 Shares.  Broadwood Partners has sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition 17,832,445 Shares.  
       
    As of the date hereof, Broadwood Capital may be deemed to be the beneficial owner of 17,832,445 Shares, constituting 19.2% of the Shares, based upon 92,637,742 Shares outstanding as of the date hereof, as adjusted to include warrants beneficially owned by Broadwood Capital.  Broadwood Capital has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 17,832,445 Shares.  Broadwood Capital has sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition 17,832,445 Shares.  
       
   

As of the date hereof, Mr. Bradsher may be deemed to be the beneficial owner of 17,835,590 Shares, constituting 19.3% of the Shares, based upon 92,637,742 Shares outstanding as of the date hereof, as adjusted to include warrants beneficially owned by Mr. Bradsher. Mr. Bradsher has the sole power to vote or direct the vote of 3,145 Shares and the shared power to vote or direct the vote of 17,832,445 Shares. Mr. Bradsher has sole power to dispose or direct the disposition of 3,145 Shares and the shared power to dispose or direct the disposition 17,832,445 Shares.

 

Other than the Shares acquired by the Reporting Persons pursuant to the Warrant Exercise Agreement as described in Item 4 above, there have been no transactions in the Shares by the Reporting Persons since the last Schedule 13D/A filed by the Reporting Persons in respect of the Issuer.

 

 

 
  (e)

N/A

 

 
       

 

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect  
  to Securities of the Issuer.  

 

 

 

The information set forth in Item 4 above is incorporated by reference in its entirety in this Item 6. The Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer that is not described herein or in a prior Schedule 13D filed by the Reporting Persons in respect of the Issuer.

 

 
     

 

Item 7. Material to be Filed as Exhibits.  
     
 

Exhibit A: Joint Filing Agreement

 

Exhibit B: Form of Warrant Exercise Agreement

 

 
     

 

 

 

 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

 

Dated:  September 24, 2021

Broadwood Partners, L.P.*

 

  By: Broadwood Capital, Inc.
   
  By: /s/ Neal C. Bradsher
  Name: Neal C. Bradsher
  Title: President
     
 

 

 

 
  Broadwood Capital, Inc.*
   
  By: /s/ Neal C. Bradsher
  Name: Neal C. Bradsher
  Title: President
 

 

 

 
   
  /s/ Neal C. Bradsher
  Neal C. Bradsher*
   

 

 

* This Reporting Person disclaims beneficial ownership over the securities reported herein except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

 

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

 

 

 

Exhibit A

JOINT FILING AGREEMENT

The undersigned agree that this Amendment No. 7 to Schedule 13D, dated September 24, 2021, relating to the Common Stock, no par value, of Oncocyte Corporation shall be filed on behalf of the undersigned.

 

Dated:  September 24, 2021

Broadwood Partners, L.P.

 

  By: Broadwood Capital, Inc.
   
  By: /s/ Neal C. Bradsher
  Name: Neal C. Bradsher
  Title: President
     
   

 

 

  Broadwood Capital, Inc.
   
  By: /s/ Neal C. Bradsher
  Name: Neal C. Bradsher
  Title: President
   

 

 

     
  /s/ Neal C. Bradsher
  Neal C. Bradsher

 

 

 

 

 

 

 

 

 

Exhibit B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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