Oncocyte announces at-market $3.59 million offering of common stock and warrants

OncoCyte, a developer of novel, non-invasive liquid biopsy diagnostic tests for the early detection of cancer, announced that it has entered into definitive agreements with certain investors led by members of management and the Board of Directors as well as a new institutional investor for the purchase of units, with each consisting of one share of its common stock and one warrant to acquire one share of its common stock.
The units are being offered at an at-market purchase price per unit of $2.86 per share, for expected gross proceeds of approximately $3.59 million. The warrants have an exercise price of $3.00 per share of common stock, will become exercisable six months after the date of issue, and will expire five years after the date they become exercisable.
OncoCyte intends to use the net proceeds from the offering for working capital including continued development of DetermaVu, OncoCyte’s confirmatory lung cancer diagnostic test, and other general corporate purposes.
The units are being offered and sold in an at-market registered direct offering. The closing of the offering is expected to take place on or about July 31, 2018, subject to the satisfaction of customary closing conditions. Chardan is acting as the exclusive placement agent for the offering.
The shares of common stock, the warrants, and the shares of common stock underlying the warrants are being offered by OncoCyte pursuant to a “shelf” registration statement on Form S-3 (File No. 333-220769) that was filed and declared effective by the Securities and Exchange Commission (“SEC”) on October 16, 2017 and the base prospectus contained therein. The offering of the shares of common stock, warrants, and the shares of common stock underlying the warrants will be made only by means of a prospectus supplement and accompanying base prospectus that form a part of the registration statement.