MUKILTEO, Wash., July 14, 2008 (PRIME NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) announced today that it has received a new contract from the U.S. Department of Defense to continue development of products and technologies for military use. This new contract is for $922,610, to be executed over a fifteen-month period.
A key goal of this contract is the development of a hand-held detection system that is the size of a deck of playing cards, thus enabling this instrument to be more easily taken into the field of operations. For civilian markets, such a device will enable point-of-care testing as well as other applications and markets that are currently not accessible due to instrument size, complexity and/or expense.
Under previous contracts with the Department of Defense, CombiMatrix has developed and demonstrated assays for the simultaneous detection of toxins, viruses, and bacteria using immunoassay and genetic analysis. CombiMatrix's semiconductor microarray technology serves as a versatile platform for the development of these assays along with "on chip" electrochemical detection, which eliminates the need for instrumentation that is complex and expensive. Instrumentation and assays developed under these previous contracts have been sold to military and government customers as well as to customers in the private sector. Domestic and international agencies have purchased and are using such technologies for evaluation of agents that could be used in warfare or in a terrorist attack, as well as for civilian applications including the evaluation of natural infectious diseases such as Avian Influenza and other respiratory diseases.
"This funding will allow us to continue to expand our technical capabilities and improve features that are of interest to our military," stated Dr. David Danley, Director of Homeland Defense of CombiMatrix Corporation. "The military and other government agencies continue to have requirements for a small, rugged detection and diagnostic platform with extensive capabilities. All of our efforts are focused on developing, demonstrating, and providing a suite of products to meet these requirements."
"We are pleased to have received this contract as well as our previous contracts. We hope to continue our technology progress and develop dual-use products that meet the needs of the military as well civilian markets," stated Dr. Amit Kumar, President and CEO of CombiMatrix Corporation.
ABOUT COMBIMATRIX CORPORATION
We are a diversified biotechnology business, through the development of 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. We have also developed the capabilities of producing arrays that utilize bacterial artificial chromosomes on our arrays, also enabling genetic analysis. Other technologies include proprietary molecular synthesis and screening methods for the discovery of potential new drugs. CombiMatrix Molecular Diagnostics, Inc. ("CMDX"), our 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 www.combimatrix.com or by calling 1-800-985 CBMX (2269). Additional information about our laboratory, CombiMatrix Molecular Diagnostics, 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.