Shares in Biocept Inc (NASDAQ:BIOC), a molecular diagnostics company, predictably tumbled as it announced a heavily discounted stock offering.
The shares lost more than a fifth of their value at US$0.9301 as the company unveiled plans to raise US$10mln through the issue of 9.1mln shares plus accompanying warrants, at US$1.10 a throw.
The warrants are also exercisable at US$1.10, 7.69 cents below last night’s closing price.
The company declined to say what the funds it is raising would be used for. It uses its proprietary liquid biopsy technology to provide physicians with information for treating and monitoring patients diagnosed with cancer.
The company’s patented Target Selector liquid biopsy technology platform captures and analyzes tumor-associated molecular markers in both circulating tumor cells and in plasma; with thousands of tests performed, the platform has demonstrated the ability to identify cancer mutations and alterations to inform physicians about a patient’s disease and therapeutic options, Biocept said.
Story by ProactiveInvestors