Oncocyte Secures $29.1Mln Funding Led By Bio-Rad To Advance Transplant Diagnostics, Stock Down

(RTTNews) - OncoCyte Corp. (OCX), a diagnostics technology company, Monday announced securities purchase agreements with existing investors for a registered direct offering and a private placement.

The funding round, led by Oncocyte's five largest shareholders, including strategic partner Bio-Rad Laboratories (BIO), is expected to generate $29.1 million at $2.05 per share. Two company executives also participated in the private placement.

The offering, priced at $2.05 per share without discounts or incentive warrants, includes 3.61 million shares in the registered direct offering and 7.54 million shares, plus pre-funded warrants for 3.07 million shares, in the private placement. Both transactions are set to close around February 10.

Bio-Rad will provide additional financial support for an upcoming clinical trial and commercialization efforts, reinforcing its partnership with Oncocyte.

The proceeds, combined with existing cash, are expected to fully fund the development of Oncocyte's FDA In-Vitro Diagnostic transplant assay program, a key milestone for revenue growth. Oncocyte aims to enhance transplant diagnostics with its proprietary technology, offering a streamlined workflow and faster detection of kidney transplant rejection compared to standard methods.

OCX is currently trading at $2.01 on the Nasdaq.