IRVINE, Calif., Nov. 4, 2010 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company with a focus on DNA-based clinical diagnostic testing services for oncology and pre-and postnatal developmental disorders, announced today the award of $488,958 under the Internal Revenue Service's Section 48D for Qualifying Therapeutic Discovery Projects. All of this grant is available for reimbursement this month, and is for activities incurred for the following projects:
- Array Comparative Genomic Hybridization, or "aCGH"; and
- Comprehensive Cancer Array, or "CCA".
"This award comes at an opportune time and will help further advance the development of our molecular diagnostic tests in the fields of early childhood developmental disorders as well as cancer," stated R. Judd Jessup, President and CEO of CombiMatrix Corporation. "We are pleased to have been awarded the full available amount for our projects for which we applied," concluded Mr. Jessup.
By using funds provided from the Patient Protection and Affordable Care Act (ACA) passed earlier this year, the Internal Revenue Service has awarded $1 billion in grants and tax credits to a large number of small biomedical and molecular diagnostic companies, including CombiMatrix. In order to have qualified for an award, businesses with fewer than 250 employees were required to submit applications earlier this year for individual research and development projects that showed, among other requirements, the potential to (i) result in new therapies to treat areas of unmet medical need, or prevent, detect, or treat chronic or acute diseases or conditions; (ii) reduce long-term health care costs in the United States; or (iii) significantly advance the goal of curing cancer within 30 years. For additional information about IRS Section 48D, please visit http://www.irs.gov/irb/2010-23_IRB/ar08.html#doe1444 .ABOUT COMBIMATRIX CORPORATION CombiMatrix Corporation is a diversified molecular diagnostics company that primarily operates in the field of genetic analysis and molecular diagnostics through its wholly owned subsidiary, CombiMatrix Diagnostics, Inc. ("CMDX"). CMDX operates as a diagnostics reference laboratory that provides genetic and other diagnostics services to physicians, hospitals and clinics . Additional information about CombiMatrix Corporation is available at www.combimatrix.com . 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.
CONTACT: CombiMatrix Corporation R. Judd Jessup, President & CEO (949) 753-0624 Fax (949) 753-1504