On March 5, 2020 Biocept, Inc. (NASDAQ: BIOC) ("Biocept" or the "Company"), a leading commercial provider of liquid biopsy tests designed to provide physicians with clinically actionable information to improve the outcomes of patients diagnosed with cancer, reported that on March 4, 2020 it entered into a securities purchase agreement with several institutional investors for the issuance and sale of 16,000,000 shares of its common stock at a price of $0.41 per share, for aggregate gross proceeds of approximately $6.6 million, in a registered direct offering priced at-the-market under Nasdaq rules (Press release, Biocept, MAR 5, 2020, View Source [SID1234555249]). The Company currently expects that the proceeds from this registered direct offering, along with the approximate $9.2 million in gross proceeds from the Company’s registered direct offering announced on March 2, 2020 and its current cash and cash equivalents, will be sufficient to fund its current operations through at least December 31, 2020.
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Maxim Group LLC is acting as the sole placement agent for the offering.
The offering is expected to close on or about March 6, 2020, subject to the satisfaction of customary closing conditions.
The common shares are being offered pursuant to a shelf registration statement on Form S-3 (File No. 333-224946) previously filed and declared effective by the Securities and Exchange Commission (SEC). The offering of the shares of common stock will be made only by means of a prospectus supplement that forms a part of the registration statement.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A prospectus supplement relating to the shares of common stock will be filed by Biocept with the SEC. When available, copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC’s website at www.sec.gov or from Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 895-3745.