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CombiMatrix Corporation (Nasdaq:CBMX) announced today that it has received a contract from the U.S. Air Force Research Laboratory for $1,476,000 to develop automated instrumentation that uses semiconductor microarray technologies for detecting chemical, biological and environmental hazards that can impact the health of deployed military personnel.
"This funding will allow us to develop, and demonstrate an instrument platform that provides sample-to-answer capabilities," stated Dr. David Danley, Director of Homeland Security and Defense Programs at CombiMatrix. "Under previous Department of Defense contracts, we have developed diverse assays for identifying a variety of chemical and biological hazards using our semiconductor microarray with a small, handheld detector. By including sample preparation, these products can provide sophisticated detection and diagnostic capabilities in simple laboratory settings and austere field conditions."
Dr. Amit Kumar, President and CEO of CombiMatrix, stated, "This contract continues our multi-year collaboration with the U.S. Department of Defense (DOD). We have utilized DOD funding to develop dual-use technology for both military and civilian needs. Some of the products developed under such programs include our ElectraSense(R) Reader and Influenza Assay system, as well as
detection systems for a number of biological threats such as anthrax and plague. We are pleased that our military feels our technology is worthy of continued support."
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.
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. Leuchemix Inc. ("Leuchemix"), a minority owned subsidiary, is developing a series of compounds to address a number of oncology-related diseases. Leuchemix's first compound has entered initial clinical trials.
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.
For more information, please click here
Amit Kumar, Ph.D., President & CEO
Fax: (425) 493-2010
Investor Relations Contact:
Jeffrey Stanlis, Partner
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