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CombiMatrix's Sales Drop in First Quarter

NEW YORK (GenomeWeb News) – CombiMatrix reported after the close of the market on Wednesday that its first-quarter revenues tumbled 23 percent year over year on weak government contracts and product sales.

CombiMatrix brought in total revenues of $1.5 million for the three-month period ended March 31, compared to total revenues of $2 million in the period a year ago.

Its revenues from government contracts fell to $525,000 from $1.1 million, while its revenues from products sales dropped to $257,000 from $575,000. The firm's service revenues rose to $696,000 compared to $283,000 the year before.

The firm's net loss for the quarter was $6.1 million, or $.97 per share, compared to a net loss of $3.4 million, or $.56 per share, for the first quarter of 2008.

The company's R&D spending was trimmed 16 percent to $1.1 million from $1.3 million, and its SG&A spending rose 33 percent to $2.8 million from $2.1 million year over year.

CombiMatrix reported $5.9 million in cash, cash equivalents, and short-term investments as of the end of the quarter.

The company recently shored up its coffers with an $8.3 million investment through a stock and warrant offering.

"Now with the recent financing, we have substantially strengthened our balance sheet and we look forward to the additional capital we will receive, once we are able to collect our $36 million judgment against National Union,'' CombiMatrix President and CEO Amit Kumar said in a statement.

During the quarter, the company entered into a co-marketing agreement with Lenetix, and it entered into a four-year agreement with the National Aeronautics and Space Administration for a microfluidic system using a semiconductor microarray.

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