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Acacia Research Corporation (Nasdaq:CBMX) (Nasdaq:ACTG) announced today that Dr. Mansoor Mohammed has been appointed President and CEO of its CombiMatrix group's subsidiary, CombiMatrix Molecular Diagnostics, Inc. (CMDX). Dr. Mohammed replaces, Matt Watson, who has left to pursue other opportunities. Mr. Watson will remain a consultant to the company for a three month period during this transition.
"We would like to thank Matt Watson for his contributions in the early days of CombiMatrix Molecular Diagnostics, and we wish him the best in his future endeavors," said Dr. Amit Kumar, Chairman of CombiMatrix Molecular Diagnostics. "CombiMatrix is going through a transition and has made significant structural and operational changes to most efficiently utilize its resources in advancing its molecular diagnostics business plan."
"As the previous CEO of CombiMatrix Molecular Diagnostics, it has been a pleasure for me to help lay the foundation of this company," said Mr. Watson. "With its strong emphasis on genomics and array-based diagnostics, CombiMatrix Molecular Diagnostics will be strategically well-served under the expert leadership of Dr. Mohammed. The company has a great future and I wish it well."
"It has been a pleasure to work with Mr. Watson as the company's President and COO. Stepping into the role of CEO, I am confident that we will be able to leverage the tremendous successes we have had from our initial tests, as well as the slated diversification and enrichment of our test menu, to ensure that CombiMatrix Molecular Diagnostics attains its goal of becoming the nation's premier molecular diagnostic laboratory," said Dr. Mohammed.
Dr. Mohammed has been at the forefront of translating genomics-based research and development and microarray technologies into clinically viable diagnostic tests. He is the holder of many patents (pending) and one of the most frequently invited speakers and referenced experts in the arena of genomics-based diagnostics and is widely published in the field. Prior to joining CombiMatrix Molecular Diagnostics, Dr. Mohammed was one of the founding scientists of Spectral Genomic Inc., the industry's first commercial manufacturer of BAC arrays. Dr. Mohammed was subsequently recruited by Quest Diagnostics Incorporated, the nation's largest diagnostic company, and served as the Director of its advanced genomics technology program.
About Acacia Research Corporation
Acacia Research Corporation comprises two operating groups: Acacia Technologies Group and CombiMatrix Group.
The CombiMatrix group is developing a platform technology to rapidly produce customizable arrays, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations and proteins. The CombiMatrix group's technology has a wide range of potential applications in the areas of genomics, proteomics, biosensors, drug discovery, drug development, diagnostics, combinatorial chemistry, material sciences and nanotechnology.
The Acacia Technologies group develops, acquires, and licenses patented technologies. Acacia controls 60 patent portfolios, which include U.S. patents and certain foreign counterparts, covering technologies used in a wide variety of industries including audio/video enhancement & synchronization, broadcast data retrieval, computer memory cache coherency, credit card fraud protection, database management, data encryption & product activation, digital media transmission (DMT®), digital video production, dynamic manufacturing modeling, enhanced Internet navigation, image resolution enhancement, interactive data sharing, interactive television, laptop docking station connectivity, microprocessor enhancement, multi-dimensional bar codes, network data storage, resource scheduling, rotational video imaging, spreadsheet automation, user activated Internet advertising and web conferencing & collaboration software.
Acacia Research-Acacia Technologies (Nasdaq:ACTG) and Acacia Research-CombiMatrix (Nasdaq:CBMX) are both classes of common stock issued by Acacia Research Corporation and are intended to reflect the performance of the respective operating groups and are not issued by the operating groups.
Information about the Acacia Technologies group and the CombiMatrix group is available at http://www.acaciaresearch.com .
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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Acacia Research Corporation
Dr. Amit Kumar, 425-493-2200
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