Oncocyte (OCX) said Monday it priced a private placement and registered direct offering of common stock at $2.05 per share for total gross proceeds of about $29.1 million.
The private placement was for the sale of about 7.5 million common shares and pre-funded warrants to purchase up to roughly 3.1 million common shares, for gross proceeds of about $21.7 million, the company said.
The registered direct offering was for the sale of about 3.6 million common shares for gross proceeds of about $7.4 million, Oncocyte said.
The offerings are expected to close by Monday, the company said. Oncocyte said it plans to use the net proceeds from both offerings for working capital and general corporate purposes.
The company said its five biggest shareholders, including Bio-Rad Laboratories (BIO), led the funding round.
Oncocyte shares rose 5% and Bio-Rad Laboratories shares nearly 5% in recent trading.
Price: 2.11, Change: +0.10, Percent Change: +5.07
