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Acacia Will Use $2.9M from Stock Sale to Fund Dx, Product Development at CombiMatrix

Jun 30, 2005

NEW YORK, June 30 (GenomeWeb News) - CombiMatrix parent Acacia Research plans to raise $2.9 million in a private placement of its Acacia Research-CombiMatrix common stock, the company said today.

 

The cash will go to Acacia's balance sheet, it will help fund CombiMatrix's entry into the molecular diagnostics market, and it will support the company's "long-term strategy" of developing new products for its CustomArray line, the company said in a statement.

 

Terms of the deal call for Acacia to sell 1,300,444 shares of it's the common stock at $2.25 per share to an undisclosed "select" group of institutional investors. The closing of the offering is expected to take place on July 5, subject to certain customary closing conditions.

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