On February 8, 2019 Biocept, Inc. (NASDAQ: BIOC) ("Biocept" or the "Company"), a leading commercial provider of liquid biopsy solutions, reported the pricing of an underwritten public offering of 6,250,000 shares of its common stock and warrants to purchase up to 6,250,000 shares of the Company’s common stock (Press release, Biocept, FEB 8, 2019, View Source [SID1234533187]). Each share of common stock is being sold together with one warrant to purchase one share of common stock at a combined price to the public of $1.20 per share and warrant. Gross proceeds, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $7.5 million.
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The warrants will be immediately exercisable at a price of $1.20 per share of common stock and will expire five years from the date of issuance. The shares of common stock and the accompanying warrants, can only be purchased together in the offering, but will be issued separately and will be immediately separable upon issuance. The offering is expected to close on or about February 12, 2019, subject to customary closing conditions.
Maxim Group LLC is acting as the book-running manager and Dawson James Securities, Inc. is acting as a co-manager in connection with the offering.
Biocept also has granted to the underwriter a 45-day option to purchase up to an additional 937,500 shares of common stock and/or warrants to purchase up to 937,500 shares of common stock, at the public offering price less discounts and commissions.
The offering is being conducted pursuant to the Company’s registration statement on Form S-1 (File No. 333-228566) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at View Source Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.