San Diego-based Biocept Inc. is hoping to raise $5 million in an offering of its common stock, the company announced April 29.
The company, which is making liquid biopsies to improve the detection and treatment of cancer, intends to use the proceeds for working capital and general corporate purposes.
Biocept is offering 5 million shares of common stock at a price to the public of $1.00 per share. Investors will also receive warrants to purchase up to 3.5 million shares of common stock at an exercise price of $1.30 per share. The warrants are immediately exercisable and have a term of five years, according to the news release.
H.C. Wainwright & Co. acted as exclusive placement agent for the offering, and Roth Capital Partners LLC provided advisory services in connection with the offering, which is expected to close on May 4.