CombiMatrix Prices $8.0 Million Underwritten Public Offering
March 21 2016 - 7:12AM
CombiMatrix Corporation (NASDAQ:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for prenatal and
postnatal developmental disorders and pre-implantation genetic
screening services, today announced that it has priced a firm
commitment underwritten public offering of 8,000 units of Series F
convertible preferred stock and warrants at a price to the public
of $1,000 per unit for gross proceeds of $8.0 million,
prior to deducting underwriting discounts and commissions and
offering expenses payable by the Company.
The offering is expected to close on or
about March 24, 2016, subject to satisfaction of customary
closing conditions.
Ladenburg Thalmann & Co. Inc., a subsidiary
of Ladenburg Thalmann Financial Services
Inc. (NYSEMKT:LTS), served as the sole bookrunning manager and
Aegis Capital Corp. served as lead manager on the
transaction.
Each unit consists of one share of Series F
convertible preferred stock, which is convertible into 258.397875
shares of common stock at a conversion price of $3.87 per
share, and 258.397875 warrants each to purchase one share of common
stock at an exercise price of $5.17 per share. In
total, the Series F convertible preferred stock is convertible into
2,067,183 shares of common stock, and the warrants are exercisable
for 2,067,183 shares of common stock. The Company will use
part of the proceeds from this offering to repurchase and retire
its Series E convertible preferred stock.
This offering shall be made only by means of a
prospectus. When filed with the SEC, 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 by contacting Ladenburg Thalmann & Co. Inc., 570
Lexington Ave, 11th Floor, New York, NY 10022 or by email at
prospectus@ladenburg.com.
In connection with this offering, the Company
has filed a registration statement on Form S-1 that was declared
effective by the SEC on March 18, 2016. 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
to foster the highest quality in patient care. CombiMatrix
specializes in prenatal diagnostics, miscarriage analysis for
recurrent pregnancy loss, pediatric genetics and pre-implantation
genetic screening, offering DNA-based testing for the detection of
genetic abnormalities beyond what can be identified through
traditional methodologies. CombiMatrix performs genetic testing
utilizing a variety of advanced cytogenomic techniques, including
chromosomal microarray, standardized and customized fluorescence in
situ hybridization (FISH) and high-resolution karyotyping.
CombiMatrix is dedicated to providing high-level clinical support
for healthcare professionals in order to help them incorporate the
results of complex genetic testing into patient-centered medical
decision making. Additional information about CombiMatrix is
available at www.combimatrix.com or by calling (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. 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: satisfaction of customary
closing conditions to the offering; our ability to successfully
expand the base of our customers and strategic partners, add to the
menu of our diagnostic tests, develop and introduce new tests and
related reports, expand and improve our current suite of services,
optimize the reimbursements received for our microarray 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 prenatal and developmental genetic testing
markets; our ability to attract and retain a qualified sales
force in wider geographies; our ability to ramp production from our
sales force and our strategic partners; rapid technological change
in our markets; changes in demand for our future services;
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.
Company Contact: |
Investor Relations
Contact: |
Mark McDonough |
LHA |
President & CEO,
CombiMatrix Corporation |
Jody Cain |
(949)
753-0624 |
(310) 691-7100 |
|
jcain@lhai.com |
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