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CombiMatrix Shares Climb 6.4 Percent on $50M Equity Financing Deal

NEW YORK, June 15 (GenomeWeb News) - Shares in CombiMatrix were up 6.37 percent, or $.10, at $1.67 in mid-afternoon trading after the company said it plans to sell registered shares of its common stock for up to $50 million.

 

"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."

 

The deal is with Cornell Capital Partners, which can buy the shares at a 2.5-percent discount as part of a standby equity distribution agreement.

The Scan

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