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Date Set for CombiMatrix, National Union Hearing

NEW YORK (GenomeWeb News) – CombiMatrix today said that oral arguments in its ongoing litigation with National Union Fire Insurance will be heard on Feb. 2.

The microarray and molecular diagnostics firm said that the hearing will be held at the Ninth Circuit Court of Appeals in Pasadena, Calif., and each side will have 15 minutes to make arguments in support of briefs that were filed earlier.

Last year, a US District Court in California entered a final judgment in favor of CombiMatrix for $35.7 million, to be paid by National Union. The court had previously sided with CombiMatrix in its suit against National Union, which claimed that the insurance firm had refused to defend and indemnify CombiMatrix under its director and officer's insurance policy.

"We are looking forward to getting to a final outcome, which we hope will be collection of our judgment, as soon as possible," CombiMatrix President and CEO Amit Kumar said in a statement.

Last month, CombiMatrix reported that its third-quarter revenues slipped 4 percent, and it reiterated that it is pursuing potential strategic options with advice from financial advisers RW Baird, which it first announced in September.

As of Sep. 30, the firm held $7.9 million in cash, cash equivalents, and short-term investments.