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CombiMatrix Executes $350K Promissory Note

NEW YORK (GenomeWeb) – CombiMatrix said recently in its Form 10-Q that it executed a secured promissory note for $350,000 bearing a 10 percent annual interest rate.

In its document filed with the US Securities and Exchange Commission, the company said that it executed the promissory note on May 20 with ACC Investment. The note is secured by certain laboratory equipment used in its microarray services business and will be payable over a 36-month period. As of June 30 the fair value of the note was about $312,000.

CombiMatrix recently reported that its second quarter revenues were up 29 percent year over year.

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