OncoCyte prices $13.9M common stock offering
The Fly

OncoCyte prices $13.9M common stock offering

Oncocyte announced the entry into an agreement with certain members of the Company’s board of directors, and several institutional and accredited investors, including Broadwood Capital, L.P., the Company’s largest shareholder, relating to their purchase of an aggregate of up to 45,562,425 shares of its common stock at an offering price of: (i) $0.3544 per share to board members and (ii) $0.30168 per share to the other investors participating in the offering. The offering is intended to be priced ‘at-the-market’ for purposes of complying with applicable NASDAQ Listing Rules. The aggregate gross proceeds from the offering are expected to be up to $13,859,634 before deducting offering expenses payable by the Company. Oncocyte intends to use the net proceeds from the offering primarily to promote the development and commercialization of VitaGraft(TM), DetermaIO(TM) and DetermaCNI(TM). The company also intends to use approximately $3.7 million of the proceeds to repay a portion of its Series A Convertible Preferred Stock reducing future interest expense.

Published first on TheFly

See Insiders’ Hot Stocks on TipRanks >>

Read More on OCX:

Related Articles
GlobeNewswireOncocyte’s VitaGraft™ Kidney Used to Monitor Effect of Daratumumab on Anti-body Mediated Rejection in New Case Series Study
TipRanks Auto-Generated NewsdeskOncoCyte’s New Sales Agreement and Termination of Old Deal
TheFlyOncoCyte reports Q2 EPS (36c), consensus (56c)
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App