Skip to main content
Premium Trial:

Request an Annual Quote

CombiMatrix's Q1 Revenues Slide 9 Percent; Nasdaq Warns of Low Bid Price

NEW YORK (GenomeWeb News) — CombiMatrix today said that first-quarter revenue dropped 9 percent as R&D spending fell 22 percent and net losses shrank by 73 percent.
Total receipts for the three months ended March 31 decreased to $1.1 million from $1.2 million during the same period last year.
Parent company Acacia separately said it has been notified by the Nasdaq Global Market that CombiMatrix’s stock is not in compliance with market rules because it has not maintained a minimum bid price $1 for 10 consecutive trading days.
Acacia has said it plans to “split off of CombiMatrix” through a common stock sale by Oct. 22. Acacia said it has applied for an initial listing of its common stock with the Nasdaq Capital Market, which has a minimum bid price of $4 per share. CombiMatrix’ stock yesterday closed at $.55 a share.
CombiMatrix said product revenue fell 50 percent to $440,000; services revenue rose 160 percent to $148,000; and revenue from government contracts increased 116 percent to $549,000.
R&D spending decreased to $1.8 million from $2.4 million.
Net loss decreased to $2.1 million from $7.7 million year over year.
CombiMatrix CEO Amit Kumar attributed the decline in losses to “significant cost-cutting measures as well as certain non-cash items.” Kumar added that recent organizational changes in “fixed and variable costs” should help “improve our cash burn throughout 2007.”
CombiMatrix had around $10.5 million in cash, cash equivalents, and short term investments as of March 31.

The Scan

Genetic Tests Lead to Potential Prognostic Variants in Dutch Children With Dilated Cardiomyopathy

Researchers in Circulation: Genomic and Precision Medicine found that the presence of pathogenic or likely pathogenic variants was linked to increased risk of death and poorer outcomes in children with pediatric dilated cardiomyopathy.

Fragile X Syndrome Mutations Found With Comprehensive Testing Method

Researchers in Clinical Chemistry found fragile X syndrome expansions and other FMR1 mutations with ties to the intellectual disability condition using a long-range PCR and long-read sequencing approach.

Team Presents Strategy for Speedy Species Detection in Metagenomic Sequence Data

A computational approach presented in PLOS Computational Biology produced fewer false-positive species identifications in simulated and authentic metagenomic sequences.

Genetic Risk Factors for Hypertension Can Help Identify Those at Risk for Cardiovascular Disease

Genetically predicted high blood pressure risk is also associated with increased cardiovascular disease risk, a new JAMA Cardiology study says.