Seer (SEER) shareholders Bradley Radoff and Michael Torok said Tuesday they have submitted their fourth non-binding proposal to acquire the company, raising their offer to $2.55 per share in cash.

The new proposal includes a contingent value right to receive 85% of the net proceeds received from any license, sale or other disposition of Seer's business and assets, including PrognomiQ, according to Radoff and Torok's letter to the board's special committee.

Payments under the contingent value right would be made within six to 12 months of acquisition completion, it added.

Radoff and Torok's first three proposals, including the May revised offer of $2.40 per share in cash plus a contingent value right, were rejected by the board. Last week, a special board committee also rejected an unsolicited acquisition proposal from Chair and Chief Executive Officer Omid Farokhzad for $2.45 per share in cash plus two separate contingent value rights.

Seer did not immediately reply to a request for comment from MT Newswires.

Shares of the company were up 3.8% in Tuesday trading.

Price: 2.05, Change: +0.08, Percent Change: +3.81