U.S.-based biotechnology company OncoCyte, part of BioTime, has priced its $35 million initial public offering of 9.3 million shares of its common stock at $3.75 per share.
OncoCyte also granted the underwriters a 30-day option to buy up to an extra 1.4 million shares of common stock to cover any over-allotments.
With the planned proceeds, OncoCyte will support the commercialization of its DetermaVu test and also complete the clinical studies to support reimbursement and adoption of the test and to initiate future product development.
The offering will close on or about February 12. U.S. investment bank and financial services company Piper Jaffray is acting as the sole book-runner.