Tuesday, July 25, 2017 7:44:07 AM
ALAMEDA, Calif., July 25, 2017 (GLOBE NEWSWIRE) -- OncoCyte Corporation (NYSE MKT:OCX), a developer of novel, non-invasive tests for the early detection of cancer, today announced the receipt of $5.74 million through the cash exercise of 1,766,923 common stock purchase warrants. Each warrant was exercised to purchase one share of common stock for $3.25 per share. The warrants were issued as part of a $10.5 million financing completed in August 2016 and would have otherwise been exercisable until August 2021.
The exercise transactions were negotiated with certain warrant holders as a means of raising additional near-term working capital. In consideration for the exercise of the warrants, two warrant holders received new warrants to purchase the same number of shares purchased on exercise of the prior warrant, with an exercise price of $5.50 per share; another warrant holder received a new warrant to purchase the 50% of the number of shares purchased on exercise of the prior warrant, with an exercise price of $3.25 per share. The three warrants have a five-year term from the date of issuance.
A fourth warrant holder received (i) a new warrant to purchase 50% of the number of shares purchased on exercise of the prior warrant with an exercise price of $5.50 per share and (ii) a second new warrant to purchase 50% of the number of shares purchased on exercise of the prior warrant with an exercise price of $3.25 per share. These two warrants each have a two-year term from the date of issuance.
Following the exercise of the warrants, there were 31,313,200 shares of common stock outstanding and warrants to purchase an aggregate of 2,779,221 shares of common stock outstanding, including the warrants issued during August 2016 and February 2017 and the new warrants, with exercise prices ranging from $3.25 to $5.50. The proceeds from the warrant exercises strengthen OncoCyte’s balance sheet and will be used for general working capital purposes.
“The exercise of warrants by some of our largest shareholders provides additional working capital to advance the development of our novel liquid biopsy diagnostics for lung and breast cancer and prepare for the launch of our lung cancer diagnostic in the second half of 2017,” stated William Annett, President and CEO. “We appreciate the continued confidence in OncoCyte demonstrated by these warrant exercises and look forward to the achievement of additional significant milestones in 2017.”
Recent OCX News
- PRISM MarketView Features Oncocyte CFO Andrea S. James on Her Career and Leadership in Molecular Diagnostics Technology • GlobeNewswire Inc. • 08/20/2024 01:00:00 PM
- Oncocyte’s VitaGraft™ Kidney Used to Monitor Effect of Daratumumab on Anti-body Mediated Rejection in New Case Series Study • GlobeNewswire Inc. • 08/12/2024 08:10:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/09/2024 10:37:23 AM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 08/09/2024 10:25:21 AM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 08/09/2024 04:15:11 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/08/2024 08:27:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 08:10:22 PM
- Oncocyte Announces Successful GraftAssure™ Beta Launch and Q2 2024 Results • GlobeNewswire Inc. • 08/08/2024 08:05:00 PM
- Oncocyte Announces August Investor Conferences Participation • GlobeNewswire Inc. • 08/05/2024 08:05:00 PM
- Oncocyte to Announce Second Quarter 2024 Financial Results on August 8 • GlobeNewswire Inc. • 08/01/2024 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/12/2024 08:05:21 PM
- MedTech Gurus Podcast Features Oncocyte CEO Josh Riggs in "Take Advantage of the Moment" Episode • GlobeNewswire Inc. • 07/11/2024 12:00:00 PM
- Oncocyte Bolsters Executive Team with Key CFO Appointment: PRISM MarketView Highlights Strategic Leadership Move • GlobeNewswire Inc. • 06/24/2024 04:41:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/17/2024 08:10:27 PM
- Oncocyte Appoints Andrea James as Chief Financial Officer • GlobeNewswire Inc. • 06/17/2024 08:05:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 06/04/2024 09:02:47 PM
- Breakthrough in Kidney Transplant Monitoring: PRISM MarketView Spotlights Oncocyte's VitaGraft Study • GlobeNewswire Inc. • 06/03/2024 06:13:29 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/31/2024 08:05:31 PM
- Favorable Oncocyte VitaGraft Kidney Study Results Published in the New England Journal of Medicine • GlobeNewswire Inc. • 05/30/2024 08:47:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 08:05:24 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 05/23/2024 03:26:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 09:18:24 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 08:56:24 PM
- Form S-3/A - Registration statement under Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 05/17/2024 09:11:17 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM