04:00 AM EDT, 04/12/2024 (MT Newswires) -- OncoCyte ( OCX ) said late Thursday it has agreed to sell $15.8 million worth of common shares and pre-funded warrants in an at-the-market private placement.

The offering consists of 5.1 million shares of common stock priced at $2.9164 per share, and pre-funded warrants to purchase 342,888 common shares priced at $2.9163 per warrant.

Net proceeds will be used for preferred stock redemptions, working capital and general corporate purposes, the company said.

Closing of the private placement is expected on or about April 15, subject to customary conditions.

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