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CombiMatrix Stock Slides 9 Percent on Widened Q4 Loss

NEW YORK, Feb. 25 (GenomeWeb News) - Shares in CombiMatrix were down more than 9 percent, or $.30, at $3 in mid-afternoon trading after the company reported a significant increase in net loss for the fourth quarter.

 

As GenomeWeb News reported this morning, CombiMatrix yesterday said that net losses for the three-month period Dec. 31, 2004, surged 44 percent to $1.6 million from $1.1 million in the year-ago period.

 

The Mulkiteo, Wash.-based company also said revenues for the quarter jumped to $522,000 from $53,000 for the same quarter last year.

 

CombiMatrix said it spent $1.4 million on R&D in the quarter, down 27 percent from $1.9 million in the fourth quarter of 2003.

 

CombiMatrix said it had around $23.7 million in cash, equivalents, and short-term investments as of Dec. 31, 2004.

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