CombiMatrix Closes $12 Million Underwritten Public Offering
December 20 2013 - 8:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for
developmental disorders and cancer diagnostics, today announced
that it has closed its previously announced firm commitment
underwritten public offering of 12,000 units of Series D
convertible preferred stock and warrants at a price to the public
of $1,000 per unit for gross proceeds of $12 million, prior to
deducting underwriting discounts and commissions and offering
expenses payable by the Company. Each unit consists of one share of
Series D convertible preferred stock, which is convertible into
485.4369 shares of common stock at a conversion price of $2.06 per
share, and one warrant to purchase 485.4369 shares of common stock
at an exercise price of $3.12 per share. The net proceeds from
the sale of the units, after deducting underwriting discounts and
commissions and offering expenses payable by the Company, are
anticipated to be approximately $10.8 million.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSEMKT:LTS), served as the sole
underwriter on the transaction.
This offering shall be made only by means of a
prospectus. Copies of the final prospectus relating to this
offering may be obtained at the SEC's website at http://www.sec.gov
or by request at Ladenburg Thalmann & Co. Inc., 4400 Biscayne
Blvd., 14th Floor, Miami, Florida 33137.
In connection with this offering, the Company has filed a
registration statement on Form S-1 that was declared effective by
the SEC on December 16, 2013. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
any of the securities described herein, nor shall there be any sale
of these securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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 genetic abnormalities at the DNA
level, beyond what can be identified through traditional
methodologies. The Company performs genetic testing utilizing
advanced technologies, including 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," "objective," similar
expressions, and variations or negatives of these words. 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: market acceptance of CMA as a preferred method over
karyotyping; the rate of transition to CMA from karyotyping; 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, allow access to samples earlier in
the testing continuum, steadily increase the size of our customer
rosters in both developmental medicine and oncology; our ability to
attract and retain a qualified sales force; rapid technological
change in our markets; changes in demand for our future products;
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
Investor Contact:
Matt Clawson
Partner
Allen & Caron
Tel (949) 474-4399
Matt@allencaron.com
Media Contact:
Len Hall
VP, Media Relations
Allen & Caron
Tel (949) 474-4300
len@allencaron.com
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