Nanotechnology Now - Press Release: "CombiMatrix Provides Update on Progress of Its Lawsuit With National Union and $36 Million Judgment"

Home > Press > CombiMatrix Provides Update on Progress of Its Lawsuit With National Union and $36 Million Judgment

Abstract:
CombiMatrix Corporation (Nasdaq:CBMX) announced today that all Appellate Briefs by CombiMatrix and National Union have been filed with the U.S. 9th Circuit Court of Appeals (the "Court"). The case is now in the hands of the Court, which will set a date for oral hearings.

CombiMatrix Provides Update on Progress of Its Lawsuit With National Union and $36 Million Judgment

MUKILTEO, WA | Posted on June 23rd, 2009

In February 2008, the U.S. District Court for the Central District of California awarded CombiMatrix $31.2 Million in its lawsuit against National Union Fire Insurance Company of Pittsburg, PA. National Union is an AIG company (NYSE:AIG). Subsequently, in April 2008, a final judgment was entered after the award had been increased to $35.7 Million. National Union appealed the judgment, and the case is in the appellate stage today. In September 2008, National Union posted an appellate bond of $39.3 million to cover payment of the award, including additional interest and possibly additional legal fees. The award will continue to earn interest throughout the appellate stage.

Dr. Amit Kumar, President and CEO of CombiMatrix Corporation stated, "We are pleased to update our shareholders about the recent progress in this case. We are also encouraged that this case, which began in 2005, is nearing its final stages. Now that both sides have filed their written appellate briefs, we are looking forward to the oral hearing. While we are awaiting the oral argument, we have no information as to any specific date."

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About CombiMatrix Corporation
CombiMatrix Corporation is a diversified biotechnology business that develops proprietary technologies, including products and services in the areas of drug development, genetic analysis, molecular diagnostics, nanotechnology and defense and homeland security markets, as well as in other potential markets where our products and services could be utilized. The technologies we have developed include a platform technology to rapidly produce user-defined, in-situ synthesized, oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. This 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. Other technologies include proprietary molecular synthesis and screening methods for the discovery of potential new drugs. Combimatrix Molecular Diagnostics, Inc. ("CMDX"), our wholly owned subsidiary located in Irvine, California, has developed capabilities of producing arrays that utilize bacterial artificial chromosomes, which also enable genetic analysis. CMDX functions primarily as a diagnostics reference laboratory.

Additional information about CombiMatrix Corporation is available at www.combimatrix.com or by calling 1-800-985 CBMX (2269). Additional information about CMDX is available at www.cmdiagnostics.com or by calling 1-800-710-0624.

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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Contacts:
Lazar Partners
Media Contact:
David Carey
(212) 867-1768

CombiMatrix Corporation
Investor Relations Contact:
Amit Kumar, Ph.D., President & CEO,
(425) 493-2000
Fax (425) 493-2010

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