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CombiMatrix, the Mukilteo diagnostics and genetic analysis company, said today it had raised $10 million by selling debt and warrants to an institutional investor.
In March, a court awarded CombiMatrix $35.7 million in a lawsuit against its insurance company, National Union Fire. The insurer is appealing.
In a statement today, CombiMatrix CEO Amit Kumar says he hopes "this capital will bridge us to collection of the ... judgment against National Union."
If CombiMatrix does receive money from National Union, it needs to pay the investor back within four months. Otherwise, it has until July 10, 2010, to repay the loan.
Meanwhile, all of CombiMatrix's executive officers, including its board, are prohibited from selling stock until half of the debt has been paid back or converted into CombiMatrix stock.
Read the release here.
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