Biocept falls on planned $25 mln equity raise

Biocept

13/05/2021 13:30

** Biocept Inc  BIOC.O  shares down 8.6% at $4.35 premarket
as molecular diagnostics firm looks to raise equity
    ** Co files https://www.sec.gov/Archives/edgar/data/1044378/000156459021027178/bioc-424b5.htm#USE_PROCEEDS
 $25 mln at-the-market equity sales program with Cantor
Fitzgerald
    ** Intends to use net sales proceeds for general corp
purposes, including working capital, clinical studies, R&D,
among others
    ** After the bell Weds, co reported nearly 12-fold increase
in Q1 rev to $17.8 mln, driven by strong demand for its COVID-19
testing services  urn:newsml:reuters.com:*:nBw71hvlZa
    ** Posted 2nd straight qtrly profit - reported $0.19/sh vs
loss of $1.06/sh in Q1 2020
    ** BIOC has 13.4 mln shares of free float, per Refinitiv
data
    ** Stock has gained ~7% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))