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TheStreet Open House

CombiMatrix Executes Equity Financing

IRVINE, Calif., Oct. 1, 2012 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for developmental disorders and cancer, announced today that it has entered into an agreement to issue securities in a private placement transaction to certain accredited investors that will result in proceeds to the Company totaling $2.5 million, to be received in two tranches, with the first tranche expected to close within two days and the second tranche pending stockholder approval.

The financing is through the sale of convertible preferred stock with the first tranche having an initial conversion price of $0.49112 per common share, subject to adjustment therein, and 100% warrant coverage at an initial exercise price of $0.95 per share, subject to adjustment therein. The preferred stock also accrues an annual dividend of 6%. Upon closing the first tranche, the Company will receive gross proceeds of $1.05 million from the investors. The Company intends to file a proxy statement to seek stockholder approval for the remaining $1.45 million within the next sixty days.

C. K. Cooper & Company acted as exclusive placement agent in the transaction.

CombiMatrix President and CEO R. Judd Jessup said, "We believe this financing will enable the Company to build on the momentum we are creating in the prenatal and pediatric markets with our expanded test menu. We are pleased to be strengthening our balance sheet and to be moving forward on our commercial initiatives."

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

The securities described herein have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements. CombiMatrix has agreed to file one or more registration statements with the Securities and Exchange Commission covering the resale of the shares of common stock issuable upon conversion of or in connection with the preferred stock and upon exercise of the warrants.  

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