NEW YORK (GenomeWeb News) — CombiMatrix today said that third-quarter revenue increased 2 percent as net loss widened 11 percent.
Total receipts for the three months ended Sept. 30 rose to $1.8 million from $1.5 million during the same period last year. Most of the revenue growth was from sales of the company’s array equipment and services, which more than doubled to $1.1 million. Government contracts contributed $725 thousand
R&D spending increased 87 percent to $2.8 million.
Net loss increased 11 percent to $4.3 million from $3.9 million year over year. The company blamed the increase on non-cash stock compensation and depreciation charges, and changes in financial reporting concerning employee stock options.
CombiMatrix had around $8.3 million in cash, cash equivalents, and short term investments as of Sept. 30.
Shares in CombiMatrix were down 5.16 percent, or $.03, at $.72 in mid-afternoon trading.