NEW YORK, April 21 (GenomeWeb News) - CombiMatrix reported $17.6 million in revenues in the first quarter, with $17.3 million of that coming in recognition of deferred contract revenues from a research and development agreement with Roche.
CombiMatrix is the life sciences unit of Newport Beach, Calif., based Acacia Research, which issued its first-quarter financial report today, including results for its Mulkiteo, Wash.-based subsidiary that trades on the Nasdaq exchange under the symbol CBMX.
CombiMatrix said that it completed an R&D agreement with Roche that included the development of a microarray platform, the MatrixArray.
CombiMatrix's first-quarter receipts also included $217,000 in contract revenue from a $5.9 million contract with the US Department of Defense to develop a biowarfare detection technology. The company reported revenues of $216,000 in the first quarter of 2003.
CombiMatrix had a net income of $12 million for the quarter, compared to a loss of $5.1 million for the year-ago period.
The company spent $1.5 million on research and development in the period, compared to $2.3 million for the year-ago quarter.
Cash, cash equivalents, and short-term investments on hand totaled $18.4 million as of March 31, compared to $17.3 million as of Dec. 31.