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CombiMatrix Increases Shares, Expected Proceeds in Public Offering

NEW YORK (GenomeWeb News) – CombiMatrix increased the number of securities it intends to sell in a public offering, the company said today in a document filed with the US Securities and Exchange Commission.

In its filing, the company said it intends to offer 12,000 units, consisting of 12,000 shares of Series D convertible preferred stock and 12,000 warrants to purchase up to about 5.9 million shares of common stock. The proposed offering also includes about 5.9 million shares of common stock underlying the Series D preferred stock and 5.9 million shares of common stock issuable upon exercise of the warrants.

CombiMatrix previously said that it anticipated offering 10,000 shares of its Series D preferred stock and 10,000 warrants to purchase up to about 4.1 million shares of common stock. Net proceeds from the offering had been anticipated at as much as $12.2 million.

As a result of the increased shares and warrants, the net proceeds anticipated from the offering have been increased to as much as $10.8 million from the sale of the units, or as much as $17.6 million if the warrants issued as part of the offering are exercised in full at an assumed exercise price of $2.99 per share.

Ladenburg Thalmann is the underwriter on the offering.

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