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DJ Oncocyte Prices Public Offering at $4.50/Shr

· 02/05/2021 08:49

By Michael Dabaie

Oncocyte Corp. Friday priced an underwritten public offering of 7.78 million shares of common stock at $4.50 a share.

The molecular diagnostics company said it expects gross proceeds of about $35 million. Oncocyte granted the underwriters a 30-day option to purchase up to an additional 1.2 million shares.

Shares rose 3.6% to $5.50 in premarket trading.

Piper Sandler & Co. is acting as sole book-runner for the offering. BTIG LLC and Needham & Company are acting as co-lead managers.

Oncocyte said it would use net proceeds to promote commercialization of its lead diagnostic test DetermaRx, to complete development of DetermaIO and for development of future tests in its pipeline, including the CNI Monitor test Oncocyte expects to acquire through a merger with Chronix Biomedical Inc.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

February 05, 2021 08:49 ET (13:49 GMT)

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