IRVINE, Calif., Oct. 02, 2024 (GLOBE NEWSWIRE) -- Oncocyte Corporation (NASDAQ:OCX) ("Oncocyte" or the "Company"), a diagnostics technology company, today announced that it has entered into a securities purchase agreement (the "Purchase Agreement") with new and existing investors, including Bio-Rad Laboratories, Inc., one of the Company's strategic partners. The gross proceeds to the Company from the private placement are expected to be approximately $10.2 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds for working capital and general corporate purposes.
The Purchase Agreement represents the purchase and sale in a private placement of an aggregate of 3,461,138 shares of common stock, at a purchase price of $2.948 per share of common stock. Certain insiders of the Company subscribed for 37,037 of the shares of common stock sold in the private placement, at a purchase price of $2.970 per share of common stock. The private placement was priced "at-the-market" under the rules and regulations of The Nasdaq Stock Market LLC and is expected to close on or about October 4, 2024, subject to the satisfaction of customary closing conditions.
"This funding helps us to continue delivering on the promise that we made to expand access to organ transplant rejection testing globally. We are grateful for the support of our current and new shareholders who share our vision of democratizing access for transplant patients, transplant centers, and transplant researchers around the world," said Oncocyte's President and Chief Executive Officer Josh Riggs. "Our team remains committed to executing on our strategy and creating shareholder value."
"We are thrilled to have strong support from both new and existing investors, including our valued corporate partner, Bio-Rad Laboratories," said Oncocyte's Chief Financial Officer ...
