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CombiMatrix Regains Nasdaq Listing Compliance

NEW YORK (GenomeWeb News) – CombiMatrix today said that it has regained compliance with a Nasdaq listing requirement calling for at least $2.5 million in stockholders' equity.

The Director of Listing Qualifications informed the Irvine, Calif.-based firm of its compliance in a letter dated Aug. 20, saying that based on CombiMatrix's Form 10-Q for the second quarter, which indicated that it had stockholders' equity of $5.7 million, the Nasdaq staff determined that the company was in compliance and "the matter is now closed."

CombiMatrix was warned by Nasdaq of its non-compliance in March, and it originally gave the firm until April 25 to submit a plan to regain compliance. The plan was submitted, and in May Nasdaq extended the deadline under which CombiMatrix had to provide evidence that it was in compliance with the Nasdaq rule.

Earlier this month, the company reported a 15 percent jump in its second quarter revenues.

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