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CombiMatrix Shares Slide 6.25 Percent Despite Strong Q2 Revenue Growth

NEW YORK, July 27 (GenomeWeb News) - Acacia Research yesterday reported increased revenues and slightly increased losses for its CombiMatrix group in the second quarter of 2005.

 

However, shares in the company were down 6.25 percent, or $.16, at $2.40, in mid-afternoon trading.

 

CombiMatrix's revenues for the quarter were $1.9 million, up 147 percent over $750,000 during the year-ago period. Revenues from sales of the company's CustomArrays contributed $565,000, more than a 10-fold increase year-over-year.

 

Research and development costs remained flat, at $1.42 million, compared to $1.41 million during the same quarter last year.

 

The company's net loss for the quarter was $3.7 million, slightly up from $3.5 million during the year-ago period. Part of this increase was due to greater costs to fulfill a government contract.

 

As of June 30, CombiMatrix had $16.2 million in cash, cash equivalents, and short-term investments.

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