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CombiMatrix Q3 Revenues Rise as Focus Shifts to Prenatal Tests

NEW YORK (GenomeWeb News) – CombiMatrix today reported that its third-quarter revenues increased 5 percent as the firm continued to shift its focus to prenatal testing.

The Irvine, Calif.-based molecular diagnostics firm reported total revenues of $1.3 million for the three months ended Sept. 30, compared to $1.2 million for the third quarter of 2011.

It brought in $1.1 million from diagnostic services during the quarter, down from $1.2 million the previous year. The quarter included $195,000 in clinical trials support through a program with Affymetrix.

Earlier this year, CombiMatrix said that it would direct its resources to the prenatal test market and de-emphasize its direct oncology efforts while opting for laboratory partnerships for cancer tests.

"Our new strategy and refocused commercial activities continued to have a positive impact on success in the prenatal markets and sales force efficiency in the third quarter," CombiMatrix President and CEO Judd Jessup said in a statement. "As microarray testing marches towards being the standard of care for all prenatal genetic testing, we are executing on a strategy to take advantage of our position as the only independent publicly traded lab to focus on that technology."

The firm cut its net loss to $1.3 million, or $.12 per share, from $2 million, or $.18 per share, year over year.

Its &D spending declined 10 percent to $311,000 from $345,000, and its SG&A expenses fell 27 percent to $1.6 million from $2.2 million.

CombiMatrix reported cash and cash equivalents of $1.7 million as of the end of the third quarter.

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