Acacia Research Affiliate, CombiMatrix Corporation, Raises $36 Million in Private Equity Financing.Business Editors PASADENA, Calif.--(BUSINESS WIRE)--Aug. 3, 2000 Acacia acacia (əkā`shə), any plant of the large leguminous genus Acacia, often thorny shrubs and trees of the family Leguminosae (pulse family). Research Corporation (Nasdaq:ACRI) today announced that its majority-owned affiliate, CombiMatrix Corporation, has raised $36 million in institutional private equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . "The proceeds of the offering will be used for commercialization, research and development, working capital and possible strategic partnerships," said Gerald Knudson, Chief Executive Officer of CombiMatrix Corporation. Investors included Acacia Research, Emerging Growth Management, JDS See Java Desktop System. Capital, Oracle Partners, OrbiMed Advisors, SAC Capital Management, Seneca Capital and Wheatley Partners. "With the ability to make custom microarrays more quickly and cost-effectively than their competitors, CombiMatrix has the potential to be a leader in this growing market," said David Blaustein David Blaustein is an Entertainment Correspondent for ABC News Radio. Blaustein attended Buffalo State College at which time he landed his first professional radio job with WWKB-AM as a board operator and talk radio proudcer. , M.D., principal of Oracle Partners. OrbiMed Advisors' Samuel Wertheimer, Ph.D. added, "CombiMatrix has a proven management team and a technology that is positioned to take advantage of the wealth of information expected to result from the sequencing of the human genome The human genome is the genome of Homo sapiens, which is composed of 24 distinct pairs of chromosomes (22 autosomal + X + Y) with a total of approximately 3 billion DNA base pairs containing an estimated 20,000–25,000 genes. ." The company's patented system uses electrochemistry electrochemistry, science dealing with the relationship between electricity and chemical changes. Of principal interest are the reactions that take place between electrodes and the electrolytes in electric and electrolytic cells (see electrolysis), as well as the and semiconductor technology to produce microarrays by synthesizing biological materials on a three-dimensional, active chip surface. The microarray chip consists of thousands of tiny chemical "virtual flasks" arranged in a grid pattern on the surface of a semiconductor wafer. The virtual flasks are the diameter of a human hair and are separated using proprietary chemical solutions instead of physical walls. Each virtual flask has electronic circuitry that is directed by a computer to construct a unique chemical compound. The chips, which can be easily customized to meet the specifications of individual researchers, are then used for scientific experiments. Acacia Research owns 58.6% of CombiMatrix Corporation. About CombiMatrix Corporation Founded in 1995, CombiMatrix develops research tools for the pharmaceutical and biotechnology industries. Together with its novel biochip biochip Small-scale device, analogous to an integrated circuit, constructed of or used to analyze organic molecules associated with living organisms. One type of theoretical biochip is a small device constructed of large organic molecules, such as proteins, and capable of array processor system, CombiMatrix has leveraged the power of bioinformatics and the speed of the Internet to transform the process of generating, analyzing and managing complex biological information. This platform technology integrates electrochemical electrochemical /elec·tro·chem·i·cal/ (-kem´i-k'l) pertaining to interaction or interconversion of chemical and electrical energies. e·lec·tro·chem·i·cal adj. and semiconductor technologies to enable biological applications such as genomics and proteomics. CombiMatrix is located outside of Seattle and is majority-owned by Acacia Research. About Acacia Research Corporation Acacia Research develops and operates technology businesses. Acacia Research's majority-owned subsidiaries include: CombiMatrix Corporation (biochip technology), Soundbreak.com Incorporated (music broadcast and lifestyle Internet site), Soundview Technologies Incorporated (v-chip technology) and MerkWerks Corporation (CD-recording software). Significant minority-owned affiliates include: The EC Company (b2b commerce solutions), Mediaconnex Communications Incorporated (software solutions for broadcast advertising transactions), Greenwich Information Technologies LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (video- and audio-on-demand technology), and Signature-mail.com LLC (e-mail personalization service). Acacia Research's Web site is located at www.acaciaresearch.com. This release contains forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements address future events and conditions concerning the Company's business plans. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties, such as future economic conditions, changes in consumer demand, legislative, regulatory and competitive developments, and other circumstances affecting anticipated revenues and costs, which may cause actual results to differ materially. Acacia Research urges investors to review in detail the risks and uncertainties disclosed in the Company's filings under the Securities Exchange Act of 1934, as amended, including, but not limited to the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999, the Company's quarterly report on Form 10Q, and the Company's Registration Statement on Form S-3/A filed on February 7, 2000, copies of which can be obtained from the Company or the Securities and Exchange Commission. The Company expressly disclaims any future obligation or undertaking to update or revise any forward-looking statement contained herein. |
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