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CombiMatrix Gets $8.3M Commitment from Investors

NEW YORK (GenomeWeb News) – CombiMatrix has received commitments from undisclosed investors to purchase up to $8.25 million of the firm's common stock and warrants through a direct offering, the company said today.

The molecular diagnostics and genetic analysis company said that it has agreed to sell roughly 1.1 million units for $7.50 each, with each unit consisting of one share of common stock and one warrant to purchase another share at a price of $9. The warrants ca be exercised six months after the offering and have a term of five years.

The company expects proceeds from the offering to add up to around $7.6 million.

"This financing strengthens our balance sheet and should enable us to continue expanding our leading portfolio of array based diagnostic tests as well as our growing sales and marketing activities," CombiMatrix President and CEO Amit Kumar said in a statement. "We also hope to further strengthen our balance sheet upon receipt of the $36 million judgment from National Union in the future."

CombiMatrix is awaiting a payment of around $36 million from a judgment in its favor from the US District Court for the Central District of California that ordered the National Union Fire Insurance Company to pay the company that amount for refusing to defend and indemnify CombiMatrix under its director and officer's insurance policy.

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