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CombiMatrix Shares Climb 6.6 Percent on Strong Q4 Revenue Growth

NEW YORK, Feb. 22 (GenomeWeb News) - CombiMatrix today reported fourth quarter revenues of $3.6 million versus $522,000 in the year-ago period.

 

Shares in CombiMatrix were up 6.55 percent, or $.11, at $1.79 in mid-afternoon trading on the news.

 

Total receipts for the period included $2.3 million in previously deferred revenues recognized from CombiMatrix's completion of its R&D agreement with Toppan Printing.

 

R&D costs increased 25 percent to $1.7 million from $1.4 million in the year-ago period.

 

Net losses in the fourth quarter narrowed 57 percent to $1.8 million from $4.1 million, CombiMatrix said.

 

The unit had around $20.2 million in cash and short-term investments as of Dec.31.

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