Oncocyte Prices $29.1 Million Equity Offering

Core Viewpoint - Oncocyte Corp. has announced a registered direct offering and concurrent private placement, aiming to raise $29.1 million to fund its FDA In-Vitro Diagnostic transplant assay program, which is crucial for driving self-sustaining revenue [1][2][4]. Funding Details - The funding round is led by Oncocyte's five largest shareholders, including Bio-Rad Laboratories, with shares priced at $2.05 each [2][7]. - The total gross proceeds from the offerings are expected to be $29.1 million, with 3,609,755 shares sold in the registered direct offering and 7,536,708 shares in the PIPE offering [7][8]. Strategic Partnership - Bio-Rad has committed not only to equity investment but also to providing financial support for upcoming clinical trials and commercialization efforts, highlighting the strength of their strategic partnership [3][10]. Use of Proceeds - The proceeds from the offerings will be utilized for working capital and general corporate purposes, specifically to fund the development of Oncocyte's transplant assay program through FDA clearance [4][5]. Market Potential - Oncocyte aims to capture a share of the $1 billion global transplant testing market, with a focus on improving patient outcomes through innovative diagnostic solutions [6][10]. Technology and Impact - Oncocyte's proprietary technology is designed for transplant centers, offering a simple workflow and rapid results, which can detect kidney transplant rejection signs over 11 months earlier than standard protocols [5][6]. Future Outlook - The company anticipates rapid adoption of its technology post-FDA clearance, with a commitment to financial discipline and capital stewardship as core values moving forward [6][10].