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CombiMatrix Posts 55 Percent Jump in Revenues, Smaller Loss in Q2

NEW YORK (GenomeWeb News) – CombiMatrix today reported total second-quarter revenue growth of 55 percent, driven by a 421 percent jump in diagnostic services revenue.
 
CombiMatrix said that revenues for the quarter ended June 30 grew to $2.1 million from $1.3 million in the second quarter of 2007.
 
Revenues from government contracts grew 42 percent to $968,000 from $679,000 in the year-ago quarter; product revenue grew 30 percent to $597,000 from $458,000; and diagnostic services revenue more than tripled to $440,000 from $137,000 in the second quarter of 2007.
 
R&D spending fell 19 percent to $890,000 from $1.1 million in the prior-year period, while marketing, general, and administrative expenses rose slightly to $2.4 million from $2.3 million.
 
Total second-quarter operating expenses rose 10 percent to $5.4 million from $4.9 million in the comparable period of 2007.
 
CombiMatrix cut its second-quarter net loss by 8 percent to $3.3 million from $3.6 million in the year-ago period. The company said that the 2007 results included non-cash charges of $145,000 related to the adjustment of long-term warrant liability for changes in fair value. The firm said it had no such adjustments during the second quarter of 2008 because it now classifies outstanding warrants as a component of permanent equity.
 
Excluding the effects of the warrant liability adjustments in 2007, the company’s second-quarter net loss improved by $159,000, or 5 percent, compared to the second quarter of 2007.
 
CombiMatrix said it lowered its cash burn for the quarter by 7 percent to $2.5 million from $2.7 million in the second quarter of 2007.
 
As of June 30, the company’s cash, cash equivalents, and available-for-sale investments totaled $3.8 million. Of that amount, $1.7 million were held in auction rate securities. The company cautioned that the market for auction rate securities has “collapsed,” making its holdings in these securities “currently illiquid.”
 
CombiMatrix said that the $10 million it raised in convertible debt financing in July will enable it to meet its cash requirements through the third quarter of 2009.

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