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Biotech / Medical : Biotechnology Value Fund, L.P.
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To: scaram(o)uche who started this subject1/23/2001 6:46:11 AM
From: nigel batesRead Replies (1) of 4974
 
Jan. 23, 2001--Acacia Research Corp. (Nasdaq:ACRI - news) today announced the closing of an institutional private equity financing of $19 million.
``Acacia Research now has $92 million in cash and short-term investments on a consolidated basis,'' commented chairman and chief executive officer, Paul Ryan. ``The proceeds from this offering will be used to maintain majority ownership of our subsidiary, CombiMatrix Corporation, which has filed a registration statement for a proposed initial public offering and to acquire and build related life science companies.''
The offering price was $17.50 per unit. Each unit consists of one share of Acacia Research's common stock and one three-year callable common stock purchase warrant.
Each common stock purchase warrant entitles the holder to purchase one share of Acacia Research's common stock at a price of $21.00 per share and is callable by Acacia Research once the closing bid price of the company's common stock averages $26.50 or above for 20 consecutive trading days on the Nasdaq National Market System.
About Acacia Research Corp.
Acacia Research develops and operates life science and enabling technology companies. The company's core technology opportunity has been developed through its subsidiary, CombiMatrix Corp. Acacia Research intends to build and acquire companies in the life science and material science fields that will utilize CombiMatrix's biochip technology.
Acacia Research's Web site is located at www.acaciaresearch.com.
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