Under the terms of the offering, Acacia will sell approximately 6.4 million shares of CombiMatrix's stock at $1.65 per share to a "select group of accredited investors." These investors will also obtain five-year warrants for the purchase of a total of approximately 1.6 million shares of common stock at an exercise price of $2.40 per share. Piper Jaffray is the exclusive placement agent for the transaction.