Why OncoCyte Shares Are Trading Higher Today

OncoCyte Corp 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.