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CombiMatrix to Get $1.5M from Sale of Securities

NEW YORK (GenomeWeb News) – CombiMatrix said Friday after the close of the market that all of its $1.5 million worth of auction rate securities were recently liquidated.

Last year, the Mukilteo, Wash.-based firm had said that those securities had become illiquid due to the global financial credit crisis. CombiMatrix is one of many firms that faced similar losses as the auction rate security market froze up. However, several investment banks that had participated in the distribution of auction rate securities agreed last year to buy back billions of dollars worth of the debt instruments.

Amit Kumar, president and CEO of CombiMatrix, said in a statement that the firm would use the $1.5 million to expand its diagnostics business.

A company spokesperson declined to provide further details.

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