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.