CombiMatrix Executes Equity Financing

CombiMatrix Executes Equity Financing

Agreement Executed for Two Convertible Preferred Stock Financing Tranches
Totaling $2.4 Million

IRVINE, Calif., May 6, 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 private placement
transaction to certain accredited investors that will result in proceeds to
the Company totaling $2.4 million, to be received in two tranches, with the
first tranche expected to close within two days and the second tranche to
close following stockholder approval, subject to customary closing conditions.

The financing is through the sale of Series C convertible preferred stock with
the first tranche having an initial conversion price of $3.05 per common
share, subject to adjustment therein, and warrants to purchase 125% of the
number of shares underlying the Series C convertible preferred stock at an
initial exercise price of $3.77 per share. The Series C convertible preferred
stock accrues an annual dividend of 6%, which rate shall increase by 1% per
year, not to exceed 10%.The warrants are not exercisable for six months and
are exercisable for five years thereafter.The preferred stock is not
convertible until stockholder approval has been obtained. Upon closing of the
first tranche, the Company will receive gross proceeds of $1.2 million from
the investors.The Company intends to file a proxy statement within the next
few days to seek stockholder approval to close the second tranche for proceeds
of $1.2 million from the investors. Pursuant to a registration rights
agreement, the Company will file a resale registration statement to register
the shares underlying the preferred stock and warrants issued in the first
tranche within 15 days following the closing.

CombiMatrix President and CEO Mark McDonough said, "The two recent financings
we have secured in the past two months enable us to substantially improve our
balance sheet and concurrently invest in the prenatal market where we are
finding commercial success. We have shown triple digit volume growth in the
past two quarters in our core prenatal testing market and the addition of this
capital will help us continue to ramp the business on our path to

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy the securities described herein, nor shall there be any
sale of such securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.

The securities described herein have not been registered under the Securities
Act of 1933, as amended, or any state securities laws, and may not be offered
or sold in the United States absent registration with the Securities and
Exchange Commission or an applicable exemption from such registration
requirements.CombiMatrix has agreed to file one or more registration
statements with the Securities and Exchange Commission covering the resale of
the shares of common stock issuable upon conversion of or in connection with
the preferred stock and upon exercise of the warrants.

About CombiMatrix Corporation

CombiMatrix Corporation, through its wholly owned subsidiary, CombiMatrix
Molecular Diagnostics, Inc. (CMDX), is a molecular diagnostics laboratory
which offers DNA-based testing services in the areas of POC (products of
conception), prenatal, pediatric and oncology.The Company performs genetic
testing utilizing Microarray, FISH, PCR and G-Band chromosome analysis.CMDX
offers prenatal and pediatric testing services for the detection of
abnormalities of genes at the DNA level beyond what can be identified through
traditional technologies.Additional information about CMDX is available at or by calling 1-800-710-0624.

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,
statements regarding projected results of operations and management's future
business, operational and strategic plans, test menu expansion, services and
reports development and attracting greater prenatal genetic screening
business.These forward-looking statements are not guarantees of future
results and are subject to risks, uncertainties and assumptions that could
cause our actual results to differ materially and adversely from those
expressed in any forward-looking statement.The risks and uncertainties
referred to above include, but are not limited to:our ability to successfully
expand the base of our customers and strategic partners, add to the menu of
our diagnostic tests in both of our primary markets, develop and introduce new
tests and related reports, optimize the reimbursements received for our
testing services, and increase operating margins by improving overall
productivity and expanding sales volumes; our ability to successfully
accelerate sales, steadily increase the size of our customer rosters in both
prenatal and developmental genetic testing markets; our ability to attract and
retain a qualified sales force; rapid technological change in our markets;
changes in demand for our future products; legislative, regulatory and
competitive developments; general economic conditions; and various other
factors.Further information on potential factors that could affect our
financial results is included 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
         Media Contact:
         Len Hall
         VP, Media Relations
         Allen & Caron
         Tel (949) 474-4300
         Investor Relations Contact:
         John Baldissera
         BPC Financial Marketing
         Tel (800) 368-1217

CombiMatrix Corporation
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