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CombiMatrix

This article was originally published in The Gray Sheet

Executive Summary

Majority-owned subsidiary of Acacia Research registers with the Securities and Exchange Commission for an initial public offering to support development of technology for production of customizable biological array processors. The semiconductor-based devices are used in identifying and determining the roles of genes, gene mutations and proteins as a tool in drug discovery and development. Acacia owns 58.3% of CombiMatrix and will retain its majority interest after the IPO. Salomon Smith Barney and J.P. Morgan are lead manager and co-manager, respectively, for the offering

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Acacia Research

Majority owner of biological array processor developer CombiMatrix announces the closing of a $19 mil. round of private equity financing Jan. 23. Proceeds from the offering will go toward maintaining a majority stake in CombiMatrix, which filed a registration statement with the SEC on Nov. 22 for a proposed IPO (1"The Gray Sheet" Dec. 11, 2000, p. 15). The offering price was $17.50 per unit, with each unit consisting of one share of Acacia Research stock and one three-year callable common stock purchase warrant, which entitles the holder to buy one share of Acacia stock for $21, and is callable by the firm if the stock's closing price finishes above $26.50 for 20 consecutive trading days on the Nasdaq exchange

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