Seer (SEER) has received an improved non-binding proposal from Bradley L. Radoff and Michael Torok to acquire the company for $2.35 per share in cash plus a contingent value right, the company said Friday.

Radoff and Torok, who own about 7.6% of Seer, in a letter addressed to the board said the contingent value right would entitle shareholders to receive 80% of net proceeds received from any license, sale or other disposition of Seer's business and assets, including PrognomiQ.

The proposal is subject to limited confirmatory due diligence and based on the availability of at least $215 million of net cash and cash equivalents at closing.

Radoff and Torok also proposed to provide a non-performance fee to the board and said they are prepared to invest $10 million in the company.

The proposal does not include any financing conditions, they said.

Shares of Seer were up more than 2% in Friday pre-bell activity.