Oncocyte Corporation Announces $10.2 Million Private Placement of Securities Priced At-The-Market Under Nasdaq Rules
Oncocyte (Nasdaq: OCX) has announced a $10.2 million private placement of securities priced at-the-market under Nasdaq rules. The company has secured participation from new and existing investors, including strategic partner Bio-Rad Laboratories. The private placement involves the sale of 3,461,138 shares of common stock at $2.948 per share, with certain insiders subscribing for 37,037 shares at $2.970 per share.
The net proceeds will be used for working capital and general corporate purposes. The placement is expected to close on or about October 4, 2024, subject to customary closing conditions. Oncocyte's CEO, Josh Riggs, stated that this funding will help expand access to organ transplant rejection testing globally. The company has also entered into a registration rights agreement to file a registration statement with the SEC within 15 days.
Oncocyte (Nasdaq: OCX) ha annunciato un collocamento privato di 10,2 milioni di dollari di titoli prezzati in base alle regole di Nasdaq. L'azienda ha ottenuto la partecipazione da nuovi e vecchi investitori, incluso il partner strategico Bio-Rad Laboratories. Il collocamento privato prevede la vendita di 3.461.138 azioni ordinarie a 2,948 dollari per azione, con alcuni insider che acquistano 37.037 azioni a 2,970 dollari per azione.
I proventi netti saranno utilizzati per il capitale circolante e scopi aziendali generali. Si prevede che il collocamento si chiuda intorno al 4 ottobre 2024, soggetto alle consuete condizioni di chiusura. Il CEO di Oncocyte, Josh Riggs, ha dichiarato che questo finanziamento aiuterà ad ampliare l'accesso ai test di rigetto degli organi a livello globale. L'azienda ha anche stipulato un accordo di diritti di registrazione per presentare una dichiarazione di registrazione alla SEC entro 15 giorni.
Oncocyte (Nasdaq: OCX) ha anunciado un colocación privada de 10,2 millones de dólares de valores cotizados en el mercado bajo las normas de Nasdaq. La compañía ha asegurado la participación de nuevos y existentes inversores, incluyendo al socio estratégico Bio-Rad Laboratories. La colocación privada involucra la venta de 3.461.138 acciones comunes a 2,948 dólares por acción, con ciertos insiders suscribiendo 37.037 acciones a 2,970 dólares por acción.
Los ingresos netos se utilizarán para capital de trabajo y propósitos corporativos generales. Se espera que la colocación se cierre alrededor del 4 de octubre de 2024, sujeto a las condiciones habituales de cierre. El CEO de Oncocyte, Josh Riggs, declaró que este financiamiento ayudará a expandir el acceso a las pruebas de rechazo de trasplantes de órganos a nivel mundial. La compañía también ha celebrado un acuerdo de derechos de registro para presentar una declaración de registro ante la SEC dentro de 15 días.
Oncocyte (Nasdaq: OCX)는 나스닥 규정에 따라 시장 가격으로 책정된 1천 2백만 달러의 사모펀드를 발표했습니다. 회사는 전략적 파트너인 Bio-Rad Laboratories를 포함하여 신규 및 기존 투자자들의 참여를 확보했습니다. 사모펀드는 주당 2.948달러에 3,461,138주의 보통주를 판매하는 것을 포함하며, 특정 내부자가 주당 2.970달러에 37,037주를 인수하였습니다.
순수익은 운영 자본 및 일반 기업 목적에 사용됩니다. 본 채권은 2024년 10월 4일경에 마감될 것으로 예상되며, 일반적인 마감 조건에 따릅니다. Oncocyte의 CEO인 Josh Riggs는 이번 자금이 전 세계적으로 장기 이식 거부 반응 테스트에 대한 접근성을 확대하는 데 도움이 될 것이라고 밝혔습니다. 회사는 또한 SEC에 등록 신고서를 제출하기 위한 등록 권리 계약을 체결했습니다.
Oncocyte (Nasdaq: OCX) a annoncé un placement privé de 10,2 millions de dollars de titres à des prix de marché conformément aux règles Nasdaq. La société a sécurisé la participation de nouveaux investisseurs ainsi que d’investisseurs existants, y compris le partenaire stratégique Bio-Rad Laboratories. Le placement privé implique la vente de 3,461,138 actions ordinaires au prix de 2,948 dollars par action, certains initiés souscrivant 37,037 actions à 2,970 dollars par action.
Les produits nets seront utilisés pour le fonds de roulement et les fins générales de l'entreprise. La clôture du placement est prévue aux alentours du 4 octobre 2024, sous réserve des conditions de clôture habituelles. Le PDG d'Oncocyte, Josh Riggs, a déclaré que ce financement permettra d'élargir l'accès aux tests de rejet d'organes à l'échelle mondiale. L'entreprise a également conclu un accord de droits d'enregistrement afin de déposer une déclaration d'enregistrement auprès de la SEC dans un délai de 15 jours.
Oncocyte (Nasdaq: OCX) hat eine Private Placement von 10,2 Millionen US-Dollar von Wertpapieren bekannt gegeben, die zum Marktpreis gemäß den Nasdaq-Regeln bewertet sind. Das Unternehmen hat die Teilnahme neuer und bestehender Investoren, einschließlich des strategischen Partners Bio-Rad Laboratories, gesichert. Das Private Placement umfasst den Verkauf von 3.461.138 Stammaktien zu einem Preis von 2,948 US-Dollar pro Aktie, wobei bestimmte Insider 37.037 Aktien zu einem Preis von 2,970 US-Dollar pro Aktie zeichnen.
Die Nettoerlöse sollen für Betriebskapital und allgemeine Unternehmenszwecke verwendet werden. Der Abschluss der Platzierung wird für etwa den 4. Oktober 2024 erwartet, vorbehaltlich der üblichen Abschlussbedingungen. Der CEO von Oncocyte, Josh Riggs, erklärte, dass diese Finanzierung dazu beitragen werde, den Zugang zu Tests auf Organabstoßung weltweit zu erweitern. Das Unternehmen hat außerdem eine Vereinbarung über Registrierungsrechte getroffen, um innerhalb von 15 Tagen eine Registrierungsmitteilung bei der SEC einzureichen.
- Secured $10.2 million in private placement funding
- Participation from strategic partner Bio-Rad Laboratories
- Priced at-the-market under Nasdaq rules
- Insider participation in the offering
- Potential dilution of existing shareholders due to new share issuance
Insights
This
Key points:
- Gross proceeds of
$10.2 million will bolster working capital - 3,461,138 new shares issued at
$2.948 per share - Insider participation at a slight premium (
$2.970 per share) - Expected closing on October 4, 2024
While dilutive, this funding strengthens Oncocyte's financial position, potentially extending its runway. The company's focus on organ transplant rejection testing presents a promising market opportunity. However, investors should monitor the path to profitability and future capital needs.
Oncocyte's focus on expanding access to organ transplant rejection testing globally is a promising niche in the diagnostics market. The company's strategy aligns with the growing need for more accessible and efficient transplant monitoring tools.
Key considerations:
- Potential to democratize access for transplant patients, centers and researchers
- Growing market for transplant-related diagnostics
- Continued support from strategic partner Bio-Rad Laboratories indicates technology validation
While the funding is positive, investors should track Oncocyte's progress in product development, regulatory approvals and market adoption. The company's ability to translate its vision into commercial success and sustainable revenue growth will be important for long-term value creation.
Company Obtains Participation from New and Existing Investors, Including Strategic Partner Bio-Rad Laboratories
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
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
“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 Andrea James. “This offering reflects growing confidence in our business opportunity and the market potential we are addressing.”
Needham & Company is acting as the exclusive placement agent for the private placement.
The securities described above are being offered and sold in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder, and have not been registered under the Act, or applicable state securities laws. Accordingly, such securities issued in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.
The Company also entered into a registration rights agreement, dated as of October 2, 2024, by and among the Company and the investors party thereto (the “Registration Rights Agreement”), pursuant to which it agreed to file a registration statement under the Act with the Securities and Exchange Commission (the “SEC”), covering the resale of the shares of common stock to be issued in the private placement no later than 15 days following the date of the Registration Rights Agreement, and to use best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 30 days following the date of the Registration Rights Agreement (or 45 days following the date of the Registration Rights Agreement in the event of a “full review” by the SEC).
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Oncocyte Corporation
Oncocyte Corporation is a molecular diagnostics technology company. The Company’s tests are designed to help provide clarity and confidence to physicians and their patients. VitaGraft™ is a clinical blood-based solid organ transplantation monitoring test. GraftAssure™ is a research use only blood-based solid organ transplantation monitoring test. DetermaIO™ is a gene expression test that assesses the tumor microenvironment to predict response to immunotherapies. DetermaCNI™ is a blood-based monitoring tool for monitoring therapeutic efficacy in cancer patients.
VitaGraft™, GraftAssure™, DetermaIO™, and DetermaCNI™ are trademarks of Oncocyte Corporation.
Forward-Looking Statements
This press release contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements pertaining to the Company’s expectations regarding the completion of the offering, the satisfaction of customary closing conditions related to the offering, the intended use of proceeds from the offering in this press release constitute forward-looking statements.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, such as market and other conditions, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include market conditions, the ability of the Company to satisfy all conditions precedent to the closing of the private placement, the completion of the private placement, as well as those set forth in the Company’s annual, quarterly and current reports (i.e., Form 10-K, Form 10-Q and Form 8-K) as filed or furnished with the SEC and any subsequent public filings. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
Investor Contact:
Jeff Ramson
PCG Advisory
(646) 863-6893
jramson@pcgadvisory.com
Andrea James
Chief Financial Officer, Oncocyte
ajames@oncocyte.com
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