NEW YORK (GenomeWeb News) – CombiMatrix today said that it has instructed its investment bankers to cease their work in identifying and pursuing potential partners for a merger, acquisition, or purchase of its assets.
The Mukilteo, Wash.-based microarray-based research products and molecular diagnostics firm had been in discussions with parties about a possible sale of the company or assets, it said. However, the board of directors has now decided that the firm should concentrate solely on building and growing its diagnostics services business.
CombiMatrix announced in April that it would undertake a restructuring of its operations and seek a new CEO to replace current President and CEO Amit Kumar, who will step down once a successor is hired. A week later, the firm said that it would close its Washington facility and consolidate its corporate activities in Irvine, Calif., where the firm conducts its diagnostics services business.
CombiMatrix said that it expects the restructuring to result in annualized cost savings of approximately $4 million to $5 million per year after its completion.
Shares of CombiMatrix fell 17 percent Tuesday to close at $2.27 on the Nasdaq.