Newport Beach-based Acacia Research Corp. has received $2.9 million in commitments from private investors for shares of CombiMatrix, its Seattle-based biotech subsidiary, the company said Thursday.
The shares are being sold as a registered direct offering as opposed to a public stock offering.
“This financing further strengthens our balance sheet and provides additional capital to fund our entry into the molecular diagnostics market, which began with our recent formation of CombiMatrix Molecular Diagnostics,” said Amit Kumar, president and chief executive of CombiMatrix. “The financing will also support our long-term strategy of adding new innovative products for the research and development markets.”
Acacia Research buys and holds patents and then actively enforces them. CombiMatrix, a wholly-owned subsidiary, does actual research.
