NEW YORK (GenomeWeb News) — CombiMatrix today said it stands to pocket $10 million when its parent company Acacia Research received commitments from “a select group of investors” to buy 9.8 million units of equity for $1.02 apiece
Each unit includes one Acacia Research-CombiMatrix share and a five-year warrant to buy 1.2 million shares at $.87 apiece. In afternoon trading today the stock was priced at $.88. The placement was handled by Oppenheimer & Co.
Acacia did not disclose how CombiMatrix plans to use the funding but said the firm is developing a platform to make semiconductor-based arrays for “identifying and determining roles of genes, gene mutations, and proteins.”