CombiMatrix Stockholders Approve Second Tranche of Series C Preferred Stock Financing
01 Julio 2013 - 5:00AM
Gross Proceeds Received from Two Funding
Tranches Total $2.4 Million Management Estimates
Ending Cash at June 30, 2013 to be $5.6 Million
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.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic
solutions and comprehensive clinical support for the highest
quality of care – specializing in miscarriage analysis, prenatal
and pediatric healthcare. CombiMatrix offers comprehensive testing
services for the detection of abnormalities of genes at the DNA
level beyond what can be identified through traditional
technologies. The Company performs genetic testing utilizing
microarray, FISH, PCR and G-Band chromosome analyses. Additional
information about CombiMatrix is available at www.combimatrix.com
or by calling 1-800-710-0624.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. These statements are
based upon our current expectations, speak only as of the date
hereof and are subject to change. All statements, other than
statements of historical fact included in this press release, are
forward-looking statements. Forward-looking statements can
often be identified by words such as "anticipates," "expects,"
"intends," "plans," "goal," "predicts," "believes," "seeks,"
"estimates," "may," "will," "should," "would," "could,"
"potential," "continue," "ongoing," similar expressions, and
variations or negatives of these words and include, but are not
limited to, statements regarding the financing described herein,
projected financial condition and results of operations,
management's future business, operational and strategic plans,
momentum of our pre-natal and pediatric businesses, test menu
expansion, services and reports development and attracting greater
prenatal genetic screening business. These forward-looking
statements are not guarantees of future results and are subject to
risks, uncertainties and assumptions that could cause our actual
results to differ materially and adversely from those expressed in
any forward-looking statement. The risks and uncertainties
referred to above include, but are not limited to: our ability
to successfully expand the base of our customers and strategic
partners, add to the menu of our diagnostic tests in both of our
primary markets, develop and introduce new tests and related
reports, optimize the reimbursements received for our testing
services, and increase operating margins by improving overall
productivity and expanding sales volumes; our ability to
successfully accelerate sales, steadily increase the size of our
customer rosters in both developmental medicine and oncology; lack
of growth in the developmental markets; our ability to attract and
retain a qualified sales force; rapid technological change in our
markets; changes in demand for our future products; the ability of
microarray technology to become the standard of care; legislative,
regulatory and competitive developments; general economic
conditions; and various other factors. Further information on
potential factors that could affect our financial results is
included in our Annual Report on Form 10-K, Quarterly Reports of
Form 10-Q, and in other filings with the Securities and Exchange
Commission. We undertake no obligation to revise or update
publicly any forward-looking statements for any reason, except as
required by law.
CONTACT: Company Contact:
Mark McDonough
President & CEO, CombiMatrix Corporation
Tel (949) 753-0624
Media Contact:
Len Hall, VP Media Relations
Allen & Caron, Inc.
Tel (949) 474-4300
len@allencaron.com
Investor Relations Contact:
John Baldissera
BPC Financial Marketing
Tel (800) 368-1217
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