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CombiMatrix to Raise as Much as $50M in Equity Distribution Agreement

Jun 15, 2006

NEW YORK, June 15 (GenomeWeb News) - CombiMatrix will sell registered shares of its common stock to Cornell Capital Partners at a 2.5-percent discount as part of a standby equity distribution agreement worth up to $50 million, the company said today.

 

"This funding structure provides us the flexibility to access additional capital at our discretion," Amit Kumar, CombiMatrix president and CEO, said in a statement. "This commitment will enable us to finance the company for the next two years, during which time we hope to become the leading company in molecular diagnostics."

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