NEW YORK (GenomeWeb News) – CombiMatrix today said that it has been awarded $31.4 million by the US District Court for the Central District of California in a suit filed against an insurer.
The Mukilteo, Wash.-based manufacturer of DNA arrays said that National Union Fire Ins. Co. of Pittsburgh had refused to defend and indemnify CombiMatrix under its director and officer’s insurance policy with National Union. The money was awarded to CombiMatrix and its former parent company, Acacia Research, but in accordance with an agreement between the two firms, CombiMatrix receives all proceeds from the suit.
CombiMatrix said that it would file a request in the next 30 days to recoup attorneys’ fees.
CombiMatrix's shares were up 9.3 percent at $9.13 on the Nasdaq in late Wednesday afternoon trade.