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CombiMatrix 10-K Includes 'Going Concern' Qualification

NEW YORK (GenomeWeb News) – CombiMatrix announced last night that its recently released annual report on form 10-K contains a ‘going concern’ statement from its accountants, Peterson Sullivan PLLC.

Earlier this month, CombiMatrix reported that its fourth-quarter revenues more than doubled and that its net loss dropped 22.2 percent as it continued its transition to focusing on molecular diagnostics.

“We anticipate that our cash and cash equivalent balances, anticipated cash flows from operations and other sources of funding from the capital markets will be sufficient to meet our cash requirements through September of 2008,” CombiMatrix said in the annual report, which was filed last week with US Securities and Exchange Commission.

“In order for our company to continue as a going concern beyond this point and ultimately to achieve profitability, we will be required to obtain capital from external sources, increase revenues, and reduce operating costs,” it added.

The firm finished 2007 with $8.2 million in cash, cash equivalents, and short-term investments. It also is awaiting a $32.1 million payment from a judgment in its favor in a lawsuit against National Union Fire Ins. Co. of Pittsburgh, Pa.

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