NEW YORK, May 20 - CombiMatrix parent Acacia Research announced a private placement of 2.4 million units of its common stock today, out of which CombiMatrix will receive about $4.9 million.
The stock units, which include one share of Acacia Research-CombiMatrix stock and one-half warrant, are being purchased for $2.20 per unit, for a total of $5.28 million.
The company plans to use its funding to give it "the flexibility to take advantage of current opportunities," CEO Amit Kumar said in a statement.
CombiMatrix, founded in 1995, was funded with $36 million in August 2000. Acacia Research, which has since bought a majority stake of the company's equity, was the lead investor in the VC funding, anteing in $17.5 million with additional investments from a mix of