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CombiMatrix Shares Surge 12.7 Percent In Heavy Trading

NEW YORK, Nov. 9 (GenomeWeb News) - Shares in CombiMatrix were up 12.68 percent at $3.20 in heavy tradining late this afternoon, adding fuel to an up-tick in stock price since the company released string third-quarter revenues three weeks ago.


However, the jump in share price -- which had reached $3.28 on the Nasdaq market this afternoon -- was still far below the firm's 52-week high of $9.30. The 52-week low is $2.52.


Trading volume by early afternoon reached 485,565 shares, according to the Nasdaq exchange. The 3-month average has been 130,545.

On Oct. 21, CombiMatrix said that total revenue for the three months ended Sept. 30 surged more than 300 percent to $753,000 from $181,000 in the year-ago period, the firm's parent, Acacia Research, reported today.

Revenues for the quarter included $685,000 in government contract revenues and $68,000 in microarray product sales and other contract service revenues, said the company.

Research and development expenses were flat at $1.7 million for the period year over year. These expenses included increased government contract costs incurred in connection with the company's commitments under its Department of Defense biowarfare detection contract, and other internal R&D efforts, the company said.

Net loss narrowed by 22.8 percent, to $3.5 million during the third quarter of 2004 from $4.5 million during the comparable period in 2003, the company added.

CombiMatrix had around $26.7 million in cash, equivalents, and short-term investments as of Sept. 30.

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