Posted: March 27, 2008

CombiMatrix Corporation Receives Going Concern Qualification

(Nanowerk News) CombiMatrix Corporation (Nasdaq:CBMX) announced that its financial statements for the fiscal year ended December 31, 2007, included in the Company's Annual Report on Form 10-K filed on March 19, 2008, contained a going concern qualification from its independent registered accounting firm Peterson Sullivan PLLC.
This announcement is required by Nasdaq Marketplace Rule 4350(b)(1)(B), which requires separate disclosure of receipt of an audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2007.
Dr. Amit Kumar, President and Chief Executive Officer of CombiMatrix Corporation stated, "As of the end of the last fiscal year, we reported cash and short term investments of over $8 million and no debt on our balance sheet. In addition, we will continue our efforts to collect our court judgment of $32.1 million against National Union Fire Ins. Co. of Pittsburgh, PA, a member company of American International Group (AIG)."
We are a diversified biotechnology business that develops proprietary technologies, products and services in the areas of drug development, genetic analysis, molecular diagnostics, nanotechnology research, defense and homeland security markets, as well as other potential markets where our products and services could be utilized. The technologies we have developed include a platform technology to rapidly produce customizable, 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., a wholly owned subsidiary located in Irvine, California, has developed capabilities of producing arrays that utilize bacterial artificial chromosomes, which also enable genetic analysis.
Additional information about CombiMatrix Corporation is available at or by calling 1-800-985 CBMX (2269). Additional information about our laboratory CombiMatrix Molecular Diagnostics is available at or by calling 1-800-710-0624.
Source: CombiMatrix
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