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CombiMatrix Hires Baird to Assist with Strategy

NEW YORK (GenomeWeb News) – CombiMatrix today said that it has hired investment bank Robert W. Baird as a financial and strategic advisor to help the firm review "certain strategies aimed at unlocking shareholder value and creating synergistic relationships."

The Mukilteo, Wash.-based microarray and molecular diagnostics developer was expected to hire a firm to help it with such a review, after it announced a second-quarter revenue decline last month. At the time, CombiMatrix said that it expected to hire an advisor soon.

"CombiMatrix is at a major inflection point in its business plan, and we look forward to the advice provided by Baird in developing and evaluating certain corporate-level opportunities," CombiMatrix President and CEO Amit Kumar, said in a statement.

The firm said that it does not plan to provide updates on such opportunities until the review process is completed or terminated.

In early Wednesday trade on the Nasdaq, shares of CombiMatrix were unchanged at $6.99.