Oncocyte Corporation Secures $10.2 Million in Private Funding
Oncocyte Corporation Secures $10.2 Million in Private Funding
Oncocyte Corporation (NASDAQ: OCX), renowned for its advancements in diagnostics technology, recently announced a significant milestone. The company has successfully entered into a securities purchase agreement, generating approximately $10.2 million through private placement. This funding is poised to support their commitment to enhancing diagnostic services, particularly in organ transplant rejection testing.
The Details of the Private Placement
The securities purchase agreement involves both new and existing investors, prominently featuring Bio-Rad Laboratories, Inc., a key strategic partner of Oncocyte. The private placement encompasses the sale of around 3,461,138 shares of common stock priced at $2.948 per share. Insider participation was noted, with certain insiders securing 37,037 shares at a slightly higher price of $2.970 per share. This transaction was executed 'at-the-market' per Nasdaq regulations and expects closure within a few days following customary closing conditions.
Funding Impact on Operations
The financial influx is primarily aimed at working capital and general corporate purposes. Josh Riggs, Oncocyte's President and CEO, expressed gratitude towards the shareholders for their continuous support. He highlighted the organization's dedication to democratizing access to transplant testing globally, an essential aspect for transplant patients and research communities.
Support from Investors
Andrea James, CFO of Oncocyte, noted that the backing from both new and existing investors reflects a strong belief in the company's market potential. The latest funding is seen as a validation of Oncocyte's mission to address significant market needs within the diagnostic sector.
Partnership with Bio-Rad Laboratories
The collaboration with Bio-Rad Laboratories marks a strategic expansion for Oncocyte and enhances its credibility within the diagnostics market. This partnership not only broadens Oncocyte’s resource base but also strengthens its commitment to delivering innovative solutions in the field of organ transplantation.
Registration Rights and Compliance
The company established a Registration Rights Agreement, committing to file a registration statement with the SEC within 15 days following the agreement's date. This move will facilitate the resale of shares issued during the private placement and enhance compliance with regulatory standards.
Commitment to Transparency
Oncocyte's dedication to transparency and compliance is underscored by its commitment to swift registration with the SEC, ensuring that all updates and information are readily available for investors. This proactive approach aims to build trust and maintain open communication with stakeholders.
About Oncocyte Corporation
Oncocyte Corporation is a leader in molecular diagnostics technology, providing innovative tests that enhance clarity and confidence in medical decisions. Their product range includes the VitaGraft™, GraftAssure™, DetermaIO™, and DetermaCNI™, which serve to improve patient outcomes through advanced diagnostics.
Frequently Asked Questions
What is the purpose of the $10.2 million funding?
The funding is intended to support working capital and general corporate purposes, enhancing Oncocyte's diagnostic services.
Who are the key investors in this private placement?
Key investors include both new and existing shareholders, alongside significant participation from Bio-Rad Laboratories, Inc.
What are Oncocyte’s main products?
Oncocyte specializes in diagnostic tests like VitaGraft™, GraftAssure™, DetermaIO™, and DetermaCNI™, designed for efficient transplantation monitoring.
What is the significance of the Registration Rights Agreement?
This agreement ensures that Oncocyte will file a registration statement with the SEC, allowing for the resale of shares issued in the private placement.
How does this funding impact Oncocyte's future?
This funding is expected to bolster Oncocyte's strategic expansion and commitment to innovation within the diagnostics market, ultimately benefiting patients and healthcare providers.
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