Gross Proceeds Received from Two Funding Tranches Total $2.4 Million Management Estimates Ending Cash at June 30, 2013 to be $5.6 Million IRVINE, Calif., July 1, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for developmental disorders and cancer, announced today that its stockholders approved the sale of shares of the Company's Series C Preferred Stock associated with a second tranche of the equity financing that was originally announced on May 6, 2013. Upon closing the first tranche, the Company received gross proceeds of $1.2 million from the investors. The Company filed a proxy statement to seek stockholder approval to raise the remaining $1.2 million, which approval was obtained at the Company's annual meeting of stockholders held on June 27, 2013. The financing was through the sale of convertible preferred stock with both tranches having a conversion price of $2.85759 per common share, subject to future adjustments, and 125% warrant coverage with the first tranche of warrants having an exercise price of $3.77 per share and the second tranche of warrants having an exercise price of $3.55 per share. As a result of this financing, the Company estimates that its cash and cash equivalent balances, together with cash proceeds from recent common stock warrant exercises, will be approximately $5.6 million as of June 30, 2013. 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 in connection with the second tranche 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.