Irvine, CA, United States
Irvine, CA, United States

CombiMatrix Corp. CombiMatrix is a clinical diagnostic laboratory specializing in cytogenomic testing for prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders. As a full-scale cytogenetic and cytogenomic laboratory, CombiMatrix offers chromosomal microarray analysis, standard and customized FISH, and high resolution karyotyping to help clinicians better care for their patients.In 2012 CombiMatrix shifted its focus from providing oncology genetic testing to developmental testing. Their focus is cytogenomic miscarriage analysis, prenatal analysis and postnatal/pediatric analysis. Wikipedia.


Time filter

Source Type

News Article | November 28, 2016
Site: globenewswire.com

HINGHAM, Mass., Nov. 28, 2016 (GLOBE NEWSWIRE) -- Microbot Medical Ltd., a medical device company specializing in the research, design and development of transformational micro-robotic medical technologies, today announced that it has closed its merger transaction with StemCells, Inc. (Nasdaq:STEM), pursuant to which Microbot became a wholly-owned subsidiary of StemCells, Inc. StemCells will be renamed Microbot Medical Inc. and will begin trading on NASDAQ under the symbol ‘MBOT’ on November 29, 2016.   “Microbot Medical’s founding principle is to improve the quality of life of millions of patients globally by advancing micro-robotic technologies to perform surgical procedures within the human body, and offer physicians and their patients less invasive and more precise solutions.  Our vision, which helped guide the development of multiple products based on our unique ViRob and TipCAT micro-robotic technology platforms, is becoming a reality as our lead product candidates for Cerebrospinal Fluid (CSF) and Gastrointestinal (GI) Disorders continue to progress,” commented Harel Gadot, Chairman and Chief Executive Officer of Microbot Medical. “The completion of this merger is a significant milestone and enables us to capitalize on Microbot Medical’s unique core capabilities and fund our next generation of micro-robotic medical products.  We anticipate FDA submission for these products in the near future, and once commercialized, our robust pipeline is expected to deliver a succession of new product launches and applications driving our short, mid and long term revenue prospects,” concluded Mr. Gadot. Following the completion of the merger and one–for-nine reverse stock split, there are approximately 39 million shares of common stock outstanding.  Under the terms of the merger agreement with StemCells, the shareholders of Microbot Medical, and certain advisors and consultants with respect to the merger, received shares of StemCells common stock representing approximately 95% of the outstanding shares of StemCells calculated on a fully diluted basis.  Stockholders of StemCells prior to the merger have retained approximately 5% of the company. Microbot’s leadership includes Mr. Gadot, a co-founder who previously served as a Worldwide Group Marketing Director at Johnson & Johnson’s surgical device company Ethicon Inc. Additionally, Prof. Moshe Shoham, an inventor of Microbot’s technologies and a co-founder of the Company will remain on the Board of Directors and the company’s Scientific Advisory Board. Professor Shoham also founded Mazor Robotics Ltd. The current members of the Board of Directors of Microbot Medical will serve on the Board of Directors of the company, with the addition of Scott Burell, a seasoned public company executive who currently serves as Chief Financial Officer, Secretary and Treasurer of CombiMatrix Corporation.  The Company’s corporate headquarters will be located in Hingham, Massachusetts and Yokneam, Israel. Microbot Medical is a medical device company specializing in the design and development of transformational micro-robotic medical technologies.  The Company is primarily focused on leveraging its micro-robotic technologies with the goal of allowing more physicians to treat more patients while improving surgical outcomes for patients. The Company is currently developing its first two product candidates: the Self Cleaning Shunt, or SCS, for the treatment of hydrocephalus and Normal Pressure Hydrocephalus, or NPH; and TipCAT, a self-propelling, semi-disposable endoscope that is being developed initially for use in colonoscopy procedures. Further information about Microbot Medical is available at http://www.microbotmedical.com. Statements pertaining to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities for Microbot Medical Inc. and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects” and “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, risks inherent in the development and/or commercialization of potential products, uncertainty in the results of clinical trials or regulatory approvals, need and ability to obtain future capital, and maintenance of intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements and as such should be evaluated together with the many uncertainties that affect the businesses of Microbot Medical Inc. particularly those mentioned in the cautionary statements found in Microbot Medical Inc.’s filings with the Securities and Exchange Commission. Microbot Medical Inc. disclaims any intent or obligation to update these forward-looking statements.


Wang J.-C.,Quest Diagnostics Nichols Institute | Sahoo T.,Quest Diagnostics Nichols Institute | Sahoo T.,CombiMatrix | Schonberg S.,Quest Diagnostics Nichols Institute | And 4 more authors.
Genetics in Medicine | Year: 2015

Purpose: Recent published studies have demonstrated the incremental value of the use of cell-free DNA for noninvasive prenatal testing with 100% sensitivity for trisomies 21 and 18 and a specificity of ≥99.7% for both. Data presented by two independent groups suggesting positive results by noninvasive prenatal testing were not confirmed by cytogenetic studies. Methods: Concordance of results among cases with noninvasive prenatal testing referred for cytogenetic prenatal and/or postnatal studies by karyotyping, fluorescence in situ hybridization, and/or oligo-single-nucleotide polymorphism microarray was evaluated for 109 consecutive specimens. Results: Cytogenetic results were positive for trisomy 21 in 38 of the 41 noninvasive prenatal testing-positive cases (true-positive rate: 93%) and for trisomy 18 in 16 of the 25 noninvasive prenatal testing-positive cases (true-positive rate: 64%). The true-positive rate was only 44% (7/16 cases) for trisomy 13 and 38% (6/16 cases) for sex chromosome aneuploidy. Conclusion: These findings raise concerns about the limitations of noninvasive prenatal testing and the need for analysis of a larger number of false-positive cases to provide true positive predictive values for noninvasive testing and to search for potential biological or technical causes. Our data suggest the need for a careful interpretation of noninvasive prenatal testing results and cautious transmission of the same to providers and patients. © 2015 American College of Medical Genetics and Genomics.


IRVINE, Calif., Nov. 29, 2016 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, announces that its pre-implantation genetic screening (PGS) by next generation sequencing (NGS) test has received conditional approval from the New York State Department of Health.  The CombiPGS™ test is for women undergoing in vitro fertilization (IVF) and screens embryo biopsy cells for chromosomal abnormalities prior to implantation of the embryo.  The test assists in maximizing the chance of successful implantation and pregnancy progression, while decreasing the likelihood of miscarriage.  “We launched CombiPGS using NGS technology in June of this year as NGS allows for unequaled accuracy and sensitivity in the detection of whole chromosome and segmental aneuploidies, which is crucial in providing the highest quality results for this test,” said Mark McDonough, President and Chief Executive Officer of CombiMatrix.  “CombiPGS by NGS is an important upgrade to our portfolio of reproductive health tests and we are pleased by the strong reception it has received from reproductive endocrinologist and IVF physicians who are key call points for this test. “We are now marketing CombiPGS by NGS in New York State, which ranks second in the total number of IVF cycles performed nationally each year. With this approval, physicians and their patients across the U.S. can access our full portfolio of reproductive health tests and capitalize on our industry-leading experience and our high-touch clinical support.  For CombiMatrix, this is a promising cash-pay market that we estimate to be approximately $125 million annually in the U.S. and growing.  We expect CombiPGS will be an important contributor to revenue as we target cash flow breakeven by the fourth quarter of 2017." CombiMatrix Corporation provides best-in-class molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care. CombiMatrix specializes in pre-implantation genetic diagnostics and screening, prenatal diagnosis, miscarriage analysis and pediatric developmental disorders, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. Our testing focuses on advanced technologies, including single nucleotide polymorphism (“SNP”) chromosomal microarray analysis (“CMA”), next generation sequencing (“NGS”), fluorescent in situ hybridization (“FISH”) and high resolution karyotyping. Additional information about CombiMatrix is available at www.combimatrix.com or by calling (800) 710-0624. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press 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, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates," “approximtates,” "expects," "intends," "plans," "goal," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations, including projected cash flow-positive operating results, management's future business, operational and strategic plans, recruiting efforts and test menu expansion. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our 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: market acceptance of our NGS tests in the State of New York and elsewhere, our estimates of total market sizes for the tests that we offer; our ability to grow revenue and improve gross margin; delays in achieving cash flow-positive operating results; the risk that test volumes and reimbursements level off or decline; the risk that payors decide to not cover our tests or to reduce the amounts they are willing to pay for our tests; the risk that we will not be able to grow our business as quickly as we need to; the inability to raise capital; the loss of members of our sales force; our ability to successfully expand the base of our customers, add to the menu of our diagnostic tests, develop and introduce new tests and related reports, expand and improve our current suite of services, optimize the reimbursements received for our microarray testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, steadily increase the size of our customer rosters in all of our genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.


News Article | April 19, 2010
Site: www.xconomy.com

Big cuts are happening at Mukilteo, WA-based CombiMatrix (NASDAQ: CBMX). CEO Amit Kumar is stepping down, expenses are being cut, and the board is betting the future of the company on diagnostics, not on its traditional business of selling genetic analysis instruments to researchers. The company’s statement today is vague, but the news is clearly bad for people in Mukilteo. Operating expenses are being cut by 40 to 60 percent relative to its cash spending rate of $10.6 million in 2009. While CombiMatrix isn’t saying specifically what that means for Mukilteo, it did say that its Irvine, CA-based operation is being shielded from the cuts because it is involved in developing its technology for diagnostics, which is the future of the company. Kumar didn’t immediately respond to an e-mailed request for comment, but I’ll update this story if he responds with some clarification on what this means for the Mukilteo operation. I wrote a detailed feature last June on the company’s plan to transform into a cancer diagnostics player after it was essentially crushed by bigger competitors like Santa Clara, CA-based Affymetrix and San Diego-based Illumina, which also make DNA microarray tools that help researchers examine which genes are turned on or off in a biological sample. By last August, CombiMatrix said it intended to hire an investment banker to evaluate options to “unlock shareholder value,” which might mean a sale of the company, or the signing of a partnership. At the time, it said it had a year’s worth of cash left on hand. Now it says it had $13.5 million left in the bank as of March 31. “CombiMatrix is at a major inflection point in its development,” Kumar said in a statement. “We have developed and launched a number of valuable diagnostic testing services, and we believe the best use of shareholder capital is to focus on selling and increasing the utilization of those tests. Kumar will stay as CEO until the company finds a replacement, which it hopes to do before the end of June, the company said. More specifics on the company’s plan will be available by the company’s second quarter conference call on May 11. CombiMatrix said it had 69 employees companywide as of December 31, with roughly half, or 34 of them, in Irvine, CA, according to its annual report filed with the Securities and Exchange Commission.


News Article | November 2, 2016
Site: globenewswire.com

IRVINE, Calif., Nov. 02, 2016 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, today reported financial results for the three and nine months ended September 30, 2016, and provided a business update. “Excellent execution on our business initiatives keeps us squarely on the path to profitability,” said Mark McDonough, CombiMatrix President and CEO.  “Among quarterly financial highlights, we are reporting revenue growth of 29%, our third consecutive quarter of gross margin above 50% and record cash reimbursement of $3.1 million, or 95% of total revenues.  Combined with our ability to manage expenses, we reduced both our operating loss and our cash burn by nearly half from one year ago. “We are pleased with our recent performance and expect continued growth in revenue and test volume, along with consistent cash reimbursement and prudent expense management in the coming year with a focus on creating value for our shareholders,” Mr. McDonough added.  “Given our outlook, we are increasingly confident we will reach our goal of positive cash flow from operations by the fourth quarter of 2017.” Third Quarter Financial and Operating Highlights (all comparisons are with the third quarter of 2015) Total revenues for the third quarter of 2016 increased 29% to $3.2 million from $2.5 million for the third quarter of 2015.  Reproductive health diagnostic test revenue, which includes prenatal microarrays, miscarriage analysis and preimplantation genetic screening (PGS), increased 39% to $2.3 million and testing volume increased 17% to 1,483.  The third quarter 2016 revenue increase was driven primarily by higher test volume for reproductive health diagnostics, higher average revenue per test particularly for miscarriage analysis and PGS tests, and from an increase in the number of billable customers, which reached 257 during the third quarter of 2016 compared to 234 in the prior-year period. Total operating expenses were $4.1 million for the third quarter of 2016 compared with $4.2 for the prior-year period. The decrease was due primarily to lower sales and marketing and research and development expenses, partially offset by higher general and administrative expenses due to higher personnel, investor relations and consulting costs and higher cost of services as a result of higher test volume.  Gross margin for the third quarter of 2016 improved to 54.0% from 43.6% for third quarter of 2015. The net loss attributable to common stockholders for the third quarter of 2016 was $856,000, or $0.38 per share, compared with a net loss attributable to common stockholders for the third quarter of 2015 of $1.7 million, or $2.00 per share, an improvement of $831,000. Total revenues for the first nine months of 2016 increased 26% to $9.3 million from $7.4 million for the first nine months of 2015.  Revenues for the first nine months of 2016 included $9.2 million in diagnostic services revenue and $137,000 in royalty revenues. Operating expenses for the first nine months of 2016 were $12.9 million compared with $12.4 million for the prior-year period, with the increase mainly due to higher general and administrative expenses and higher cost of services resulting from increased testing volumes, partially offset by lower sales and marketing expenses.  Gross margin improved to 52.9% for the first nine months of 2016 from 44.8% for the first nine months of 2015. The net loss attributable to common stockholders for the first nine months of 2016 was $5.2 million, or $3.48 per share, compared to $6.0 million, or $7.21 per share in 2015.  The net loss attributable to common stockholders in 2016 reflected one-time, non-cash charges of $1.9 million related to deemed dividends from the issuance of Series F convertible preferred stock and warrants in the $8.0 million public offering that closed on March 24, 2016.  This increase was partially offset by the reversal of the $890,000 Series E deemed dividend recognized in 2015 from the repurchase of those securities upon closing of our Series F public offering, partially reduced by the $656,000 deemed dividend paid to the Series E investors in February of 2016. The Company reported $4.3 million in cash, cash equivalents and short-term investments as of September 30, 2016, compared with $3.9 million as of December 31, 2015.  The Company used $813,000 and $3.4 million in cash to fund operating activities during the quarter and nine months ended September 30, 2016, respectively, compared with $1.5 million and $4.2 million used to fund operating activities during the comparable 2015 periods, respectively.  The significant decreases in net cash used to fund operating activities for the 2016 periods resulted primarily from improved cash reimbursement of $3.1 million and $8.5 million for the three and nine months ended September 30, 2016, respectively, compared with $2.4 million and $7.0 million for the three and nine months ended September 30, 2015, respectively. CombiMatrix will hold an investment-community conference call and audio webcast today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results and answer questions. The conference call dial-in numbers are (866) 634-2258 for domestic callers and (330) 863-3454 for international callers.  A live webcast of the call will be available at http://investor.combimatrix.com/events.cfm. A recording of the call will be available for seven days beginning approximately two hours after the completion of the call by dialing (855) 859-2056 for domestic callers or (404) 537-3406 for international callers, and entering passcode 93599356. The webcast of the call will be archived for 30 days on the Company’s website at http://investor.combimatrix.com/events.cfm. CombiMatrix Corporation provides best-in-class molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care. CombiMatrix specializes in pre-implantation genetic diagnostics and screening, prenatal diagnosis, miscarriage analysis and pediatric developmental disorders, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. Our testing focuses on advanced technologies, including single nucleotide polymorphism (“SNP”) chromosomal microarray analysis (“CMA”), next generation sequencing (“NGS”), fluorescent in situ hybridization (“FISH”) and high resolution karyotyping. Additional information about CombiMatrix is available at www.combimatrix.com or by calling (800) 710-0624. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press 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, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "goal," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations, including projected cash flow-positive operating results, management's future business, operational and strategic plans, recruiting efforts and test menu expansion. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our 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: our ability to grow revenue and improve gross margin; delays in achieving cash flow-positive operating results; the risk that test volumes and reimbursements level off or decline; the risk that payors decide to not cover our tests or to reduce the amounts they are willing to pay for our tests; the risk that we will not be able to grow our business as quickly as we need to; the inability to raise capital; the loss of members of our sales force; our ability to successfully expand the base of our customers, add to the menu of our diagnostic tests, develop and introduce new tests and related reports, expand and improve our current suite of services, optimize the reimbursements received for our microarray testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, steadily increase the size of our customer rosters in all of our genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.


IRVINE, Calif., March 01, 2017 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, announces that Dirk van den Boom, Ph.D., has joined the Company’s Board of Directors, increasing Board membership to six.  “Dirk is a recognized leader in the development and commercialization of reproductive health diagnostics,” said R. Judd Jessup, Chairman of CombiMatrix.  “He brings a scientific perspective to the board along with a wealth of executive-level and strategic planning experience that will be invaluable as we build on our established position in this market.  Dirk also shares our passion for providing high-quality test results that assist physicians and their patients in family health and planning, making him an ideal fit for our Board.  We look forward to calling on Dirk’s expertise and guidance, and we are delighted to welcome him to our Company.” Dr. van den Boom most recently served as President, Chief Executive Officer and Director of publicly traded molecular diagnostics company Sequenom, Inc., prior to that company’s acquisition by Laboratory Corporation of America® (LabCorp®) in September 2016.  During his 18 year tenure at Sequenom, he held positions of increasing responsibility including Chief Scientific and Strategy Officer; Executive Vice President, Research and Development; Chief Technology Officer; and Senior Vice President of Research and Development.  Dr. van den Boom has co-authored more than 95 articles published in peer-reviewed journals and is inventor on more than 80 patents and patent applications. He received his Ph.D. in Biochemistry/Molecular Biology from the University of Hamburg. CombiMatrix Corporation provides best-in-class molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care. CombiMatrix specializes in pre-implantation genetic diagnostics and screening, prenatal diagnosis, miscarriage analysis and pediatric developmental disorders, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. Our testing focuses on advanced technologies, including single nucleotide polymorphism chromosomal microarray analysis, next-generation sequencing, fluorescent in situ hybridization and high resolution karyotyping.  Additional information about CombiMatrix is available at www.combimatrix.com or by calling (800) 710-0624. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press 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, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates," “approximates,” "expects," "intends," "plans," "goal," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations, including projected cash flow-positive operating results, management's future business, operational and strategic plans, recruiting efforts and test menu expansion. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our 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: our estimates of total market sizes for the tests that we offer; our ability to grow revenue and improve gross margin; delays in achieving cash flow-positive operating results; the risk that test volumes and reimbursements level off or decline; the risk that payors decide to not cover our tests or to reduce the amounts they are willing to pay for our tests; the risk that we will not be able to grow our business as quickly as we need to; the inability to raise capital; the loss of members of our sales force; our ability to successfully expand the base of our customers, add to the menu of our diagnostic tests, develop and introduce new tests and related reports, expand and improve our current suite of diagnostic services, optimize the reimbursements received for our molecular testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, steadily increase the size of our customer rosters in all of our genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.


Achieves record quarterly reproductive health revenues and test volume, across-the-board increases in average revenue per test, expanded gross margin, significantly narrowed operating loss and record cash collections Affirms outlook to reach positive cash flow from operations by the fourth quarter of 2017 IRVINE, Calif., Feb. 22, 2017 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, today reported financial results for the three and 12 months ended December 31, 2016, and provided a business update. “I’m proud to report a strong finish to 2016 with substantial improvements in key financial and operating metrics as we continue to make progress toward our stated goal of sustained profitability,” said Mark McDonough, CombiMatrix President and CEO.  “Total revenues for the quarter increased 32% year-over-year to $3.5 million, driven by record reproductive health test volume and revenues, and across-the-board increases in average revenue per test.  We also benefitted from further improvement in gross margin, which expanded significantly from a year ago to 58.4%.  Our cash collections reached $3.3 million in fourth quarter of 2016—another new record.  These favorable results along with our ability to manage expenses led to a nearly $1 million improvement in quarterly operating loss from the prior-year period. “Our strategy is to aggressively capitalize on the favorable market dynamics in reproductive health diagnostics, to build upon our market-leading position and create value for our shareholders,” Mr. McDonough added.  “We have suspended our process with our strategic advisory firm Torreya Partners, while we continue to explore on our own strategic options including a range of potential M&A and business development opportunities.  Our focus is on executing our business plan in 2017 and we expect continued growth in revenues and test volume through increased salesforce productivity, while maintaining a high level of cash reimbursement and prudent management of expenses.  Our consistent business execution gives us confidence in reaching positive cash flow from operations by the fourth quarter of 2017.” 2016 Fourth Quarter Financial and Operating Highlights (all comparisons are with the fourth quarter of 2015) Total revenues for the fourth quarter of 2016 increased 32% to $3.5 million from $2.7 million for the fourth quarter of 2015.  Reproductive health diagnostic test revenues, which include prenatal microarrays, miscarriage analysis and preimplantation genetic screening (PGS), increased 37% to $2.6 million and test volume increased 10% to 1,512.  Revenue growth for the fourth quarter of 2016 was driven primarily by higher test volume for reproductive health diagnostics, higher average revenue per test, particularly for miscarriage analysis and PGS tests, and an increase in the number of billable customers, which reached 261 during the fourth quarter of 2016 from 243 in the prior-year period. Total operating expenses were $4.1 million for the fourth quarter of 2016 compared with $4.2 million for the prior-year period. The decrease was due primarily to lower sales and marketing expenses, partially offset by higher general and administrative expenses due to executive bonus and employee retention accruals as well as higher cost of services as a result of higher test volume.  Gross margin for the fourth quarter of 2016 improved to 58.4% from 46.5% for fourth quarter of 2015. The net loss attributable to common stockholders for the fourth quarter of 2016 was $558,000, or $0.22 per share, compared with a net loss attributable to common stockholders for the fourth quarter of 2015 of $1.7 million, or $2.02 per share, an improvement of $1.1 million. Total revenues for 2016 increased 28% to $12.9 million from $10.1 million in 2015.  Total revenues for 2016 included $12.7 million in diagnostic services revenues and $173,000 in royalty revenues. Operating expenses for 2016 were $17.0 million compared with $16.6 million for the prior year, with the increase mainly due to higher general and administrative expenses and higher cost of services resulting from increased testing volumes, partially offset by lower sales and marketing expenses.  Gross margin improved to 54.4% in 2016 from 45.2% in 2015. The net loss attributable to common stockholders for 2016 was $5.8 million, or $3.27 per share, compared with $7.7 million, or $9.22 per share, in 2015.  The net loss attributable to common stockholders in 2016 reflected one-time, non-cash charges of $1.9 million related to deemed dividends from the issuance of Series F convertible preferred stock and warrants in the $8.0 million public offering that closed on March 24, 2016.  This increase was partially offset by the reversal of the $890,000 Series E deemed dividend originally recognized in 2015 from the repurchase of those securities upon the closing of the Series F public offering, partially reduced by the $656,000 deemed dividend paid to the Series E investors in February of 2016. The Company reported $3.7 million in cash, cash equivalents and short-term investments as of December 31, 2016, compared with $3.9 million as of December 31, 2015.  The Company used $539,000 and $3.9 million in cash to fund operating activities during the fourth quarter and year ended December 31, 2016, respectively, compared with $1.5 million and $5.7 million used to fund operating activities during the comparable 2015 periods, respectively.  The significant decreases in net cash used to fund operating activities for the 2016 periods resulted primarily from improved cash reimbursement of $3.3 million and $11.8 million for the three and 12 months ended December 31, 2016, respectively, compared with $2.3 million and $9.3 million for the three and 12 months ended December 31, 2015, respectively. CombiMatrix will hold an investment-community conference call and audio webcast today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results and answer questions. The conference call dial-in numbers are (866) 634-2258 for domestic callers and (330) 863-3454 for international callers.  A live webcast of the call will be available at http://investor.combimatrix.com/events.cfm. A recording of the call will be available for seven days beginning approximately two hours after the completion of the call by dialing (855) 859-2056 for domestic callers or (404) 537-3406 for international callers, and entering passcode 65848323. The webcast of the call will be archived for 30 days on the Company’s website at http://investor.combimatrix.com/events.cfm. CombiMatrix Corporation provides best-in-class molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care. CombiMatrix specializes in pre-implantation genetic diagnostics and screening, prenatal diagnosis, miscarriage analysis and pediatric developmental disorders, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. Our testing focuses on advanced technologies, including single nucleotide polymorphism (“SNP”) chromosomal microarray analysis (“CMA”), next generation sequencing (“NGS”), fluorescent in situ hybridization (“FISH”) and high resolution karyotyping. Additional information about CombiMatrix is available at www.combimatrix.com or by calling (800) 710-0624. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 This press 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, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "goal," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," “outlook,” “reach,” similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding projected results of operations, including projected cash flow-positive operating results, management's future business, operational and strategic plans, recruiting efforts and test menu expansion. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our 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: our ability to grow revenue and improve gross margin; delays in achieving cash flow-positive operating results; the risk that operating expenses are not reduced or increase; the risk that test volumes and reimbursements level off or decline; the risk that payors decide to not cover our tests or to reduce the amounts they are willing to pay for our tests; the risk that we will not be able to grow our business as quickly as we need to; the inability to raise capital; the loss of members of our sales force; our ability to successfully expand the base of our customers, add to the menu of our diagnostic tests, develop and introduce new tests and related reports, expand and improve our current suite of services, optimize the reimbursements received for our microarray testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, steadily increase the size of our customer rosters in all of our genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.


IRVINE, Calif., Feb. 15, 2017 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, announces that it will release financial results for the three and 12 months ended December 31, 2016 after market close on Wednesday, February 22, 2017.  CombiMatrix management will hold an investment community conference call at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss those results and answer questions. CombiMatrix Corporation provides best-in-class molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care.  CombiMatrix specializes in pre-implantation genetic diagnostics and screening, prenatal diagnosis, miscarriage analysis and pediatric developmental disorders, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies.  Our testing focuses on advanced technologies, including single nucleotide polymorphism (“SNP”) chromosomal microarray analysis (“CMA”), next generation sequencing (“NGS”), fluorescent in situ hybridization (“FISH”) and high resolution karyotyping.  Additional information about CombiMatrix is available at www.combimatrix.com or by calling (800) 710-0624.


Receive press releases from iHealthcareAnalyst, Inc.: By Email Nanomedicine Market USD 170 Billion by 2020, Published by iHealthcareAnalyst, Inc. Maryland Heights, MO, November 01, 2016 --( Visit the Nanomedicine Market 2013-2020 report at https://www.ihealthcareanalyst.com/report/nanomedicine-market/ Nanomedicine is the medical application of nanotechnology that ranges from the medical applications of nanomaterials and biological devices, to nanoelectronic biosensors, and even possible future applications of molecular nanotechnology such as biological machines. Nanomedicines are used globally to improve the treatments and lives of patients suffering from a range of disorders including ovarian and breast cancer, kidney disease, fungal infections, elevated cholesterol, menopausal symptoms, multiple sclerosis, chronic pain, asthma and emphysema. The global nanomedicine market segmentation is based on applications (neurology, cardiology, oncology, anti-inflammatory, anti-infectives, etc.). The global nanomedicine market report provides market size (Revenue USD Million 2013 to 2020), market share, market trends and forecasts growth trends (CAGR%, 2016 to 2020). The global nanomedicine market research report is divided by geography (regional and country based) into North America (U.S., Canada), Latin America (Brazil, Mexico, Rest of LA), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), and Rest of the World. 1. Application 1.1 Neurology 1.2 Cardiology 1.3 Oncology 1.4 Anti-inflammatory 1.5 Anti-infectives 1.6 Others 2. Geography (Region, Country) 2.1 North America (U.S., Canada) 2.2 Latin America (Brazil, Mexico, Rest of LA) 2.3 Europe (U.K., Germany, France, Italy, Spain, Rest of EU) 2.4 Asia Pacific (Japan, China, India, Rest of APAC) 2.5 Rest of the World 3. Company Profiles 3.1 Abbott Laboratories 3.2 CombiMatrix Corporation 3.3 Celgene Corporation 3.4 Mallinckrodt plc 3.5 GE Healthcare 3.6 Johnson & Johnson 3.7 Merck & Company Inc. 3.8 Nanosphere, Inc. 3.9 Pfizer Inc. 3.10 Sigma-Tau Pharmaceuticals Inc. 3.11 Teva Pharmaceutical Industries Ltd. 3.12 UCB SA About Us iHealthcareAnalyst, Inc. is a global health care market research and consulting company providing market analysis, and competitive intelligence services to global clients. The Company publishes syndicate, custom and consulting grade healthcare reports covering animal healthcare, biotechnology, clinical diagnostics, healthcare informatics, healthcare services, medical devices, medical equipment, and pharmaceuticals. iHealthcareAnalyst, Inc. provides industry participants and stakeholders with strategically analyzed, unbiased view of market dynamics and business opportunities within its coverage areas. Contact Us iHealthcareAnalyst, Inc. 2109, Mckelvey Hill Drive, Maryland Heights, MO 63043 United States Email: sales@ihealthcareranalyst.com Website: https://www.ihealthcareanalyst.com Maryland Heights, MO, November 01, 2016 --( PR.com )-- The global nanomedicine market is estimated to reach USD 170 Billion in 2020, growing at a CAGR of 8.9% from 2016 to 2020, according to a market research report Nanomedicine Market 2013-2020, published by iHealthcareAnalyst, Inc.Visit the Nanomedicine Market 2013-2020 report at https://www.ihealthcareanalyst.com/report/nanomedicine-market/Nanomedicine is the medical application of nanotechnology that ranges from the medical applications of nanomaterials and biological devices, to nanoelectronic biosensors, and even possible future applications of molecular nanotechnology such as biological machines. Nanomedicines are used globally to improve the treatments and lives of patients suffering from a range of disorders including ovarian and breast cancer, kidney disease, fungal infections, elevated cholesterol, menopausal symptoms, multiple sclerosis, chronic pain, asthma and emphysema.The global nanomedicine market segmentation is based on applications (neurology, cardiology, oncology, anti-inflammatory, anti-infectives, etc.).The global nanomedicine market report provides market size (Revenue USD Million 2013 to 2020), market share, market trends and forecasts growth trends (CAGR%, 2016 to 2020). The global nanomedicine market research report is divided by geography (regional and country based) into North America (U.S., Canada), Latin America (Brazil, Mexico, Rest of LA), Europe (U.K., Germany, France, Italy, Spain, Rest of EU), Asia Pacific (Japan, China, India, Rest of APAC), and Rest of the World.1. Application1.1 Neurology1.2 Cardiology1.3 Oncology1.4 Anti-inflammatory1.5 Anti-infectives1.6 Others2. Geography (Region, Country)2.1 North America (U.S., Canada)2.2 Latin America (Brazil, Mexico, Rest of LA)2.3 Europe (U.K., Germany, France, Italy, Spain, Rest of EU)2.4 Asia Pacific (Japan, China, India, Rest of APAC)2.5 Rest of the World3. Company Profiles3.1 Abbott Laboratories3.2 CombiMatrix Corporation3.3 Celgene Corporation3.4 Mallinckrodt plc3.5 GE Healthcare3.6 Johnson & Johnson3.7 Merck & Company Inc.3.8 Nanosphere, Inc.3.9 Pfizer Inc.3.10 Sigma-Tau Pharmaceuticals Inc.3.11 Teva Pharmaceutical Industries Ltd.3.12 UCB SAAbout UsiHealthcareAnalyst, Inc. is a global health care market research and consulting company providing market analysis, and competitive intelligence services to global clients. The Company publishes syndicate, custom and consulting grade healthcare reports covering animal healthcare, biotechnology, clinical diagnostics, healthcare informatics, healthcare services, medical devices, medical equipment, and pharmaceuticals.iHealthcareAnalyst, Inc. provides industry participants and stakeholders with strategically analyzed, unbiased view of market dynamics and business opportunities within its coverage areas.Contact UsiHealthcareAnalyst, Inc.2109, Mckelvey Hill Drive,Maryland Heights, MO 63043United StatesEmail: sales@ihealthcareranalyst.comWebsite: https://www.ihealthcareanalyst.com Click here to view the list of recent Press Releases from iHealthcareAnalyst, Inc.

Loading CombiMatrix collaborators
Loading CombiMatrix collaborators