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CombiMatrix Preliminary Q3 Revenues Rise 15 Percent

NEW YORK (GenomeWeb News) – CombiMatrix today said that preliminary revenues for the third quarter was up 15 percent year over year, driven by increased microarray testing volumes.

The Irvine, Calif.-based firm said that for the three months ended Sept. 30, total revenues are expected to be $1.5 million, compared to $1.3 million a year ago, as microarray testing volumes rose to 1,145 billable tests from 857 billable tests a year ago, a 34 percent increase.

Prior-year microarray revenues included $195,000 of clinical trial support service revenues, of which CombiMatrix said it did not have in the recently completed quarter.

Diagnostic testing revenues were up 36 percent year over year to $1.5 million from $1.1 million, the company said.

Prenatal microarray revenues were up to $847,000 in the third quarter, compared to $370,000 a year ago, as prenatal microarray volumes increased to 541 from 225.

The company said that it had cash and cash equivalents of $4.0 million as of Sept. 30.

During the quarter, CombiMatrix regained compliance with a Nasdaq listing requirement calling for at least $2.5 million in stockholders' equity. It also inked a deal with Sequenom to market chromosomal microarrays analysis testing services and the use of non-invasive prenatal diagnostic tests.

Also, the company said in an amended Form S-1 on Friday that it anticipates net proceeds from a $10.0 million public offering of securities to be $9.0 million. If the underwriter on the offering, Ladenburg Thalmann & Co., exercises its overallotment option in full, net proceeds are expected to increase to $10.4 million.

CombiMatrix said last month that it plans to offer $10 million in a public offering of Class A units consisting of common stock and warrants, as well as Class B units comprising pre-funded warrants and warrants. The company has not yet priced its units.

In morning trading today, shares of CombiMatrix were up about 2 percent at $2.88.