NEW YORK (GenomeWeb News) - Acacia Research said yesterday that it has received commitments for the purchase of $5 million in Acacia Research-CombiMatrix common stock and warrants through a direct offering that includes several CombiMatrix executives.
Acacia plans to sell 6.8 million units at $.738 per share to "a select group of investors" including CombiMatrix President and CEO Amit Kumar and company directors Tom Akin and John Abeles.
The company said each share will consist of a share of Acacia-CombiMatrix common stock and a five-year warrant to buy 1.5 shares at a price of $.55 per share.
Kumar said in a statement that the financing will strengthen CombiMatrix's balance sheet as it prepares to split from parent company Acacia, a plan that it announced in January.
The financing also “provides additional capital to fund our expansion in the molecular diagnostics market," Kumar said.