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IRVINE, Calif., Dec. 9, 2010 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) announced today that it has received a notice from The Nasdaq Stock Market approving the Company's application to voluntarily transfer listing of the Company's securities to The Nasdaq Capital Market from The Nasdaq Global Market, and indicating that such transfer will occur at the opening of business on December 10, 2010. The trading symbol of the Company's common stock — "CBMX" — and the trading symbol of the Company's common stock warrants — "CBMXW" — will stay the same.
Also, the Company announced the hiring of Tim Flores as Director of Sales for CombiMatrix Diagnostics. Mr. Flores brings over 25 years of sales management, sales leadership and corporate account development to CombiMatrix. Mr. Flores recently held the position of Director of Corporate Accounts at Ventana Medical Systems and prior to that he was the Regional Sales Director in the West Region for Ventana. Mr. Flores also spent 16 years with Abbott Diagnostics in various sales, marketing, management and senior management roles.
ABOUT COMBIMATRIX CORPORATION
CombiMatrix Corporation is a molecular diagnostics company that primarily operates in the field of genetic analysis and molecular diagnostics through its wholly owned subsidiary, CombiMatrix Diagnostics ("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 1995All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company's current expectations, estimates and projections about the Company, management's beliefs, and certain assumptions made by the Company, and events beyond the Company's control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company's ability to maintain the listing requirements of The Nasdaq Capital Market. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "likely," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results or the commitments made by the Company herein, and they are subject to risks, uncertainties and assumptions that could cause actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties referred to above include, but are not limited to, the Company's ability to raise additional capital on a timely basis, or at all, or to improve its operating results in the near future; the possibility that the Company will not be able to maintain the listing requirements of The Nasdaq Capital Market, or that the Company's stockholders' equity could decline further; and such other factors described in the Company's filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason.
CONTACT: CombiMatrix Corporation
R. Judd Jessup, President & CEO