Skip to main content
Premium Trial:

Request an Annual Quote

CombiMatrix Q3 Revenues Decline 9 Percent as Firm Shifts Focus to Dx Market

NEW YORK (GenomeWeb News) – CombiMatrix yesterday reported a 9 percent dip in third-quarter revenues amid a double-digit decline in R&D spending and a smaller net loss.
 
For the quarter ended Sept. 30 -- its first as a standalone firm after splitting from Acacia Research in August -- revenue fell 9 percent to $1.7 million from $1.8 million in the comparable period of 2006.
  
“The decrease relative to 2006 was expected as we made a significant strategic shift in our commercial focus early in 2007 from selling R&D products to researchers to selling diagnostic products and services to physicians, patients and reference laboratories,” Amit Kumar, president and CEO of CombiMatrix, said in a statement.
 
Third-quarter revenues from government contracts fell to $627,000 from $725,000 in the prior-year period, while product sales dropped to $828,000 from $968,000 in the third quarter of 2006. Service contract revenue rose to $164,000 from $88,000 in the year-ago quarter.
 
R&D spending fell 32 percent to $1.9 million from $2.8 million in the comparable period of 2006.
 
CombiMatrix narrowed its net loss by 20 percent to $3.4 million from $4.3 million in the third quarter of 2006.
 
CombiMatrix had cash, cash equivalents, and short-term investments of $10.5 million as of Sept. 30.
The Scan

Germline-Targeting HIV Vaccine Shows Promise in Phase I Trial

A National Institutes of Health-led team reports in Science that a broadly neutralizing antibody HIV vaccine induced bnAb precursors in 97 percent of those given the vaccine.

Study Uncovers Genetic Mutation in Childhood Glaucoma

A study in the Journal of Clinical Investigation ties a heterozygous missense variant in thrombospondin 1 to childhood glaucoma.

Gene Co-Expression Database for Humans, Model Organisms Gets Update

GeneFriends has been updated to include gene and transcript co-expression networks based on RNA-seq data from 46,475 human and 34,322 mouse samples, a new paper in Nucleic Acids Research says.

New Study Investigates Genomics of Fanconi Anemia Repair Pathway in Cancer

A Rockefeller University team reports in Nature that FA repair deficiency leads to structural variants that can contribute to genomic instability.