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CombiMatrix Anticipates up to $10.4M in Net Proceeds from Public Offering

NEW YORK (GenomeWeb News) – CombiMatrix said today that it anticipates up to $10.4 million in net proceeds from a public offering of its securities.

In an amended Form S-1 filed with the US Securities and Exchange Commission, the company said that it intends to offer 10,000 shares of Series D preferred stock and warrants to purchase up to a little more than 4.1 million shares of common stock. The proposed offering also includes about 4.1 million shares of common stock underlying the Series D preferred stock and 4.1 million shares of common stock issuable upon exercise of the warrants.

Ladenburg Thalmann is the underwriter on the offering, which was originally disclosed by CombiMatrix in September. The company has granted the underwriter a 45-day option to purchase up to 1,500 additional shares of Series D preferred stock at a price per share equal to the public offering price of a unit and/or additional warrants to purchase as much as $617,284 of shares to cover any overallotments.

If the overallotment option is exercised, net proceeds would be about $10.4 million, the company said, adding the proceeds will be used to fund general corporate purposes.

CombiMatrix has not yet priced the units in the offering.

The Irvine, Calif.-based company said last week that revenues in its third quarter had risen 15 percent year over year to $1.5 million.