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CombiMatrix to Raise $4.9M from Direct Offering

NEW YORK (GenomeWeb) – CombiMatrix today said that it has entered into an agreement with accredited investors for a registered direct offering that will bring in gross proceeds of $4.9 million.

The Irvine, Calif.-based molecular diagnostics firm said that the offering is being made to accredited institutional pre-existing investors, though it didn't name them. The company has agreed to sell to the investors up to 1,542,000 shares of common stock at a negotiated price of $1.75 per share, as well as up to 2,201.50 units. Those units consist of one share of Series E convertible preferred stock and a warrant to purchase approximately 317.965 shares of common stock at an exercise price of $1.97 per share. Each unit will be sold at a negotiated price of $1,000, CombiMatrix said.

The Series E preferred stock is convertible into up to 1,258,000 shares of common stock, and the warrants are exercisable for up to 700,000 shares of common stock. The preferred stock is convertible at $1.75 per share and accrues an annual dividend of 6 percent beginning six months after closing. In addition, the warrants are not exercisable for six months following their issue date and will expire on the fifth anniversary of the date the warrants become exercisable.

CombiMatrix expects to receive net proceeds of $4.75 million from the offering, which it plans to use for general corporate purposes.

The firm entered into a separate purchase agreement in a private placement with accredited institutional pre-existing investors, under which CombiMatrix agreed to sell warrants to purchase up to 1,540,000 shares of common stock. The private placement warrants will be sold for an aggregate negotiated purchase price of $1,000 and will have an exercise price of $2.167 per share.

CombiMatrix noted that private placement warrants won't be issued unless and until the its stockholders approve amending its certificate of incorporation to increase the amount of authorized common stock to cover the amount that would be issued upon exercise of the private placement warrants.

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