Why Oncocyte Shot 13% Higher Today

Cancer diagnostics specialist Oncocyte (NYSEMKT: OCX) rose at a double-digit pace on Friday on news that it's tapping the stock market for a new round of capital-raising.

Oncocyte priced its previously announced underwritten secondary stock issue of 7.78 million shares at $4.50 apiece. If all goes well, this should bring in gross proceeds of roughly $35 million. The underwriters have a 30-day option to buy nearly 1.17 million additional shares at the offering price. The issue should close on or about Tuesday, Feb. 9.

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Source Fool.com