CombiMatrix Announces $2 Million Registered Direct Offering

CombiMatrix Announces $2 Million Registered Direct Offering

Agreement Executed for the Sale of Common and Convertible Preferred Stock and

IRVINE, Calif., March 20, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation
(Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing
services for developmental disorders and cancer, announced today that it has
entered into an agreement to issue securities in a registered direct offering
to an existing institutional investor that will result in gross proceeds to
the Company totaling $2.0 million.

The Company entered into a definitive purchase agreement with the investor
pursuant to which the Company has agreed to sell 130,000 shares of common
stock at a negotiated price of $3.05 per share and approximately 1,610 units
consisting of Series B convertible preferred stock and warrants.Each unit
consists of one share of Series B convertible preferred stock and a warrant to
purchase approximately 171 shares of common stock, at an exercise price of
$3.49 per share. Each unit will be sold at a negotiated price of $1,000. In
total, the Series B preferred is convertible into 528,000 shares of common
stock and the warrants are exercisable for 275,000 shares of common stock.

The warrants are not exercisable for six months following their issue date and
will expire on the fifth anniversary of the date the warrants become
exercisable.The Series B preferred stock is convertible at $3.05 per share
and accrues an annual dividend of 6 percent beginning six months after
closing.The closing of the offering is expected to take place on or prior to
March 22, 2013, subject to the satisfaction of customary closing
conditions.The estimated net proceeds to the Company from the offering, after
deducting placement agent fees and other estimated offering expenses payable
by us, are expected to be approximately $1.76 million, to be used for general
corporate purposes.With the net proceeds from this offering, the Company
projects to have an unaudited cash and equivalents balance of approximately
$3.3 million.

A shelf registration statement (File No. 333-176372) relating to the shares of
common stock, preferred stock and warrants issued in the offering (and the
shares of common stock issuable upon conversion of the preferred stock and
exercise of the warrants) has been filed with and declared effective by the
Securities and Exchange Commission (the "SEC"). A prospectus supplement
relating to the offering will be filed by the Company with the SEC.Copies of
the prospectus supplement, together with the accompanying prospectus, can be
obtained at the SEC's website at or from CombiMatrix
Corporation, 300 Goddard, Suite 100, Irvine California 92618, Attention:
Investor Relations.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company in this offering. There shall
not be any offer, solicitation of an offer to buy, or sale of securities in
any state or jurisdiction in which such an offering, solicitation, or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.Any offering will be made only by
means of a prospectus, including a prospectus supplement, forming a part of
the effective registration statement.

Safe Harbor Statement under the Private Securities Litigation Reform Act of

This press release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995.These statements are based upon our current expectations, speak only
as of the date hereof and are subject to change.All statements, other than
statements of historical fact included in this press release, are
forward-looking statements.Forward-looking statements can often be identified
by words such as "anticipates," "expects," "intends," "plans," "goal,"
"predicts," "believes," "seeks," "estimates," "may," "will," "should,"
"would," "could," "potential," "continue," "ongoing," similar expressions, and
variations or negatives of these words and include, but are not limited to,
the amount and use of proceeds we expect to receive from the offering, the
closing of the offering, the conversion of the preferred stock and the
exercise of the warrants, and the amount of the cash and equivalents balance
expected after the offering. Such forward-looking statements are inherently
subject to certain risks, trends and uncertainties, many of which we cannot
predict with accuracy and some of which we might not even anticipate, and
involve factors that may cause actual results to differ materially and
adversely from those projected or suggested. Readers are cautioned not to
place undue reliance on these forward-looking statements and are advised to
consider the factors listed above together with the additional factors under
the heading "Forward-Looking Statements" and "Risk Factors" in our Annual
Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with
the Securities and Exchange Commission.We undertake no obligation to revise
or update publicly any forward-looking statements for any reason, except as
required by law.

CONTACT: Company Contact:
         Mark McDonough
         President & CEO, CombiMatrix Corporation
         Tel (949) 753-0624
         Investor Relations Contact:
         Matthew H. Clawson
         Partner, Allen & Caron, Inc.
         Tel (949) 474-4300

CombiMatrix Corporation
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