CombiMatrix Closes $8.0 Million Underwritten Public Offering

IRVINE, Calif., March 24, 2016 (GLOBE NEWSWIRE) — 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 closed its previously announced 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.

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. 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 [email protected]. 

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.