CombiMatrix cancels $50 million equity line with Cornell

By Sheri Kasprzak

New York, Dec. 21 - CombiMatrix Group, a subsidiary of Acacia Research Corp., terminated its $50 million standby equity distribution agreement with Cornell Capital Partners, LP.

Under the terms of the equity line, first established in June, Cornell had the right to buy shares of CombiMatrix at a 2.5% discount to the volume weighted average price of the stock for the five trading days after notice of a draw.

CombiMatrix, based in Newport Beach, Calif., develops semiconductor-based tools used to identify the roles of genes, gene mutations and proteins.

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