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CombiMatrix Q2 Revenues Down, Amid Cash Payments

NEW YORK, July 29 - CombiMatrix recorded $6,000 in revenues for the second quarter of 2003, down from $438,000 for the year-ago period, the company's parent Acacia Research, reported today.

 

These paltry revenues came atop $5.8 million in cash payments from CombiMatrix' partners, including $4.5 million in milestone payments from Roche to commercialize its microarray system, $308,000 to deliver prototype products to Roche, and $1 million to Toppan Printing of Japan in a deal announced in May to develop electrochemical-detection microarrays. These payments are being recorded as deferred revenues, Acacia said.

 

For the quarter, CombiMatrix' R&D expenses of $2.2 million, compared to $5 million for the year-ago period.

 

The division's net losses came to $5.2 million, compared to $5.9 million for the second quarter of 2002.

 

At the end of June, CombiMatrix, of Squolamie, Wash., had $19.3 million in cash, cash equivalents, and short-term investments.

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