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CombiMatrix Revenues Up in Q2, Losses Down

NEW YORK, July 23 (GenomeWeb News) - CombiMatrix Thursday reported $750,000 in revenues for the second quarter, up from $6,000 in the same quarter of last year.


Revenues were down significantly compared to the first quarter, when the company recorded $17.6 million in revenues, $17.3 million of which were deferred revenues under a 15-year microarray development contract with Roche the companies signed in 2001.


The company, a Mulkiteo, Wash., subsidiary of Acacia Research, recorded a net loss of $3.5 million, compared to $5.2 million in the same period of 2003.


R&D expenses were $2.1 million, compared to $2.2 million in the same period of 2003.


As of June 30, CombiMatrix had $28.9 million in cash, cash equivalents and short-term investments, compared to $17.3 million at the end of 2003. In April, Acacia Research raised $13.7 million in a stock sale of Acacia Research - CombiMatrix common stock, and attributed the proceeds to CombiMatrix.

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