OncoCyte prices $29.1M equity offering

Oncocyte (OCX) has entered into securities purchase agreements with existing investors for a registered direct offering and concurrent private placement. The Company’s five largest shareholders, including Bio-Rad (BIO) Laboratories, led the funding round. The round is expected to result in gross cash proceeds to the Company totaling $29.1M priced at $2.05 per share. Two members of the Company’s management team also participated in the private placement. In addition to its equity investment, Bio-Rad has pledged to provide valuable financial support for the upcoming clinical trial and further commercialization assistance, underscoring the depth of its strategic partnership with Oncocyte. Combined with Oncocyte’s current cash on hand, the offering proceeds are expected to fully fund the development of the Company’s FDA In-Vitro Diagnostic transplant assay program. As noted above, the offerings were priced at $2.05 per share, which represented no discounts nor incentive warrants, and total gross proceeds of $29.1M, before deducting offering expenses payable by the Company. The Company sold 3,609,755 shares of common stock in the registered direct offering and 7,536,708 shares of common stock and common stock equivalent pre-funded warrants to purchase 3,069,925 shares of common stock in the PIPE Offering. The PIPE Offering was priced at least “at-the-market” under the rules and regulations of The Nasdaq Stock Market and the closings of the Registered Direct Offering and the PIPE Offering are expected to occur on or about February 10, 2025, subject to the satisfaction of customary closing conditions. Needham & Company acted as a financial advisor to Oncocyte.