Newport Beach-based Acacia Research Corp., an owner and licensor of technology and other patents, plans to fully spin off its biotechnology subsidiary CombiMatrix Corp.
Acacia shareholders are set to get one share of CombiMatrix for each Acacia share they own. The company owns the bulk of CombiMatrix, which now trades as a tracking stock.
Mukilteo, Wash.-based CombiMatrix plans to list its shares on the American Stock Exchange as “CBMX” after the split.
CombiMatrix, which makes tests used in identifying and determining the roles of genes and proteins, had sales of $4.9 million through September, up 11% from the year-ago period. The company lost $15.5 million during the nine months.
Shares of Acacia, which has a market value of about $375 million, were up nearly 3% in midday trading Wednesday.
