Oncocyte (OCX) said Monday it priced a private placement and registered direct offering of common stock at $2.05 per share for total gross proceeds of about $29.1 million.
The private placement was for the sale of about 7.5 million common shares and pre-funded warrants to purchase up to roughly 3.1 million common shares, for gross proceeds of about $21.7 million, the company said.
The registered direct offering was for the sale of about 3.6 million common shares for gross proceeds of about $7.4 million, Oncocyte said.
The offerings are expected to close by Monday, the company said. Oncocyte said it plans to use the net proceeds from both offerings for working capital and general corporate purposes.
The company said its five biggest shareholders, including Bio-Rad Laboratories (BIO), led the funding round.
Oncocyte shares rose 5% and Bio-Rad Laboratories shares nearly 5% in recent trading.
Price: 2.11, Change: +0.10, Percent Change: +5.07
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.