CombiMatrix Restructures Board Of Directors; Relocates Annual Meeting
MUKILTEO, Wash., June 7, 2010 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) announced today that it has accepted the resignation of Mr. Tom Akin, Chairman of the Board of Directors of CombiMatrix Corporation, and has reconfigured a number of Board responsibilities. Mr. Akin, a large shareholder of the Company, has gradually been taking on other responsibilities and has limited time to devote to CombiMatrix.
"Tom was instrumental in the development of CombiMatrix in its early years," stated Dr. Amit Kumar, President and CEO of CombiMatrix. "As the Company continues its restructuring and executes the new diagnostic focused business plan, Tom felt this was a good transition point to exit and to pursue other endeavors, which are increasingly demanding his time. We thank Tom for his service and wish him the best with his other endeavors."
CombiMatrix has also accepted the resignation of Dr. Brooke Anderson from the Board of Directors, in anticipation of his resignation from his role as Chief Operating Officer, upon the closure of the Company's facilities in Washington. Dr. Kumar continued, "Brooke was involved in the formation of CombiMatrix, was one of the earliest employees, and has served on the Board at different times. He was involved in and often led much of the technology development at CombiMatrix. As the Company consolidates and focuses its efforts on its California diagnostics laboratory, Brooke felt, like Tom, that this was an appropriate time to transition. We thank Brooke for his contributions and wish him the best in the future."Mr. Mark McGowan has been appointed Chairman of the Board, and Mr. Rigdon Currie has been appointed Chairman of the Audit Committee, in addition to retaining his role as Chairman of the Compensation Committee. Dr. Scott Gottlieb has also been appointed a member of the Audit Committee. "We are looking forward to completing our restructuring and beginning a new phase of our development with Mark chairing the Board," continued Dr. Kumar. "In the short time that Mark has been a member of our Board, he has taken a leadership role in the formulation of our new strategy, and we expect his contributions to continue to expand. In April, we announced that we would consolidate and restructure our operations. The events described in this press release comprise one of the steps in the restructuring process that we expect will culminate with a 40-60% reduction in operating costs and will increase focus on our diagnostic services business. We have a relatively strong balance sheet and with the significant reduction in operating cash burn, we hope to successfully execute our business plan. In addition, CombiMatrix has engaged a leading executive search firm and is in the active phase of its recruitment of a new Chief Executive Officer to lead its transition," concluded Dr. Kumar.
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