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CombiMatrix Revenues Tumble 76 Percent in Q4; CMDX CEO Watson Steps Down

NEW YORK (GenomeWeb News) — CombiMatrix today said that fourth-quarter revenue plunged 76 percent as R&D spending jumped 24 percent and net loss widened 150 percent.
 
The company also said it has named Mansoor Mohammed to be CEO of CombiMatrix subsidiary CombiMatrix Molecular Diagnostics, replacing Matt Watson, who stepped down to “pursue other opportunities.” Mohammed had been president and COO of CMDX.
 
CMDX said Watson will remain a consultant to the company for three months.
 
Total receipts for the three months ended Dec. 31, 2006, decreased to $859,000 from $3.5 million during the same period last year.
 
Much of the decline came from the loss of revenue from collaboration agreements, which had no receipts in the fourth quarter of 2006 but generated $2.25 million in the same period last year.
 
Array equipment and services revenue decreased to $228,000 from $467,000; government contracts decreased to $511,000 from $864,000 and service contract revenue increased to $120,000 from $47,000.
 
R&D spending increased 87 percent to $2.8 million.
 
Net loss increased 150 percent to $4.5 million from $1.8 million year over year.
 
CombiMatrix had around $14.3 million in cash, cash equivalents, and short term investments as of Dec. 31.

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