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OncoCyte Corp (NYSE:OCX) shares are advancing to their highest level since the middle of 2019 on above-average volume.
Oncocyte said it has entered into definitive agreements with its two largest institutional investors, namely Pura Vida Investments and Broadwood Partners, to purchase about $25 million of its common shares in a registered offering priced at $3.424 per share.
Subsequent to the offering, ownership interest of Pura Vida will increase from under 10% to about 16%, by virtue of its agreement to buy $20 million worth of shares.
"We believe our strengthened balance sheet will help facilitate our planned expansion activities and offerings in lung and other cancers as we prepare to launch DetermaIO™ and DetermaTX™ later this year, as well as provide the resourcing necessary to complete development of our anticipated blood-based monitoring offerings," said Ron Andrews, CEO of Oncocyte.
At last check, OncoCyte shares were rallying 15.66% to $4.76.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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