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Combimatrix Reports a Jump in Q3 Revenues; R&D Flat

NEW YORK, Oct. 21 (GenomeWeb News) - CombiMatrix reported third-quarter 2004 revenues of $753,000, up from $181,000 in the third quarter of 2003, the company's parent, Acacia Research, reported today.

 

Revenues for the quarter included $685,000 in "government contract revenues" and $68,000 in "microarray product sales and other contract service revenues," said the company.

 

Research and development expenses were flat at $1.7 million for the period year over year. These expenses included increased government contract costs incurred in connection with the company's commitments under its Department of Defense biowarfare detection contract, and other interenal R&D efforts, the company said.

 

Net loss narrowed by 22.8 percent, to $3.5 million during the third quarter of 2004 from $4.5 million during the comparable period in 2003, the company added.

 

CombiMatrix had around $26.7 million in cash, equivalents, and short-term investments as of Sept. 30.

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