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OncoCyte Prices $35 Million Public Offering of Common Stock at $4.50 Each; Shares Rise Pre-Bell

· 02/05/2021 04:15

09:00 AM EST, 02/05/2021 (MT Newswires) -- OncoCyte (OCX), a molecular diagnostics company, priced an underwritten public offering of just under 7.8 million shares of its common stock at $4.50 each for gross proceeds of about $35 million.

The company said it intends to use the net proceeds from the offering to promote commercialization of its lead diagnostic test DetermaRx, complete development of DetermaIO, and to develop future tests in its pipeline. OncoCyte also granted the underwriters a 30-day option to purchase up to an additional 1.17 million shares at the public offering price.

The offering is expected to close Feb. 9.

Shares of Oncocyte were up 4.5% in premarket trading.

Price: 5.55, Change: +0.24, Percent Change: +4.52