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CombiMatrix Posts Strong Q4 Revenue Growth, Shrinking Losses

NEW YORK, Feb. 19 (GenomeWeb News) - Acacia Research unit CombiMatrix today reported a surge in fourth-quarter revenue atop tighter R&D sending and a significantly narrowed net loss.

 

Total receipts for the period ended Dec. 31 jumped to $53,000 from $16,000 one year ago. From this, revenue from product sales increased in the quarter to $27,000 from $9,000 year over year, and receipts from grants or contracts increased to $26,000 from $7,000 during the fourth quarter 2002.

 

R&D spending in the fourth quarter fell to $1.9 million from $4 million year over year. As a result, net loss for the division dwindled to $4 million from $21.4 million for the same period last year.

 

CombiMatrix said it had around $17.3 million cash, equivalents, and short-term investments as of Dec. 31.

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