MUKILTEO, Wash., Oct. 8, 2008 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) held a web-broadcast on October 7, 2008 to discuss its development of a Comprehensive Cancer Array (CCA) test for the non-invasive screening of multiple cancers simultaneously. The CCA is a test that is in CombiMatrix's development pipeline and is planned for launch in 18-24 months.
The CCA is intended to measure, in peripheral blood, the existence and abundance of miRNA molecules that are indicative of tumor growth at the earliest stages. In general, cancers that can be treated and have high survivability statistics are those that can be identified early. Cancers with poor survivability statistics are those that are difficult to identify until they are more advanced and difficult to treat. While there have been many attempts to develop non-invasive biomarker screens for the early screening and detection of tumor growths, few have been successful due to the difficulty in measuring low abundance biomarkers in blood or other fluids.
Recent discoveries, of a new type of nucleic acid known as miRNA (micro-ribonucleic acid), indicate that these molecules are much more stable in blood than other cellular components. Unique sequences of miRNAs are also characteristic of specific tumor growths. Therefore, a method to measure the existence and abundance of these molecules can potentially enable the early identification and site of tumor growth. Because the measurements will be made using CombiMatrix's array platform, it is expected that multiple cancers can be screened simultaneously in a single non-invasive test.
CombiMatrix estimates that the market opportunity for this test is greater than $12 billion and could have dramatic implications on public health. During the web-broadcast, Dr. Amit Kumar, President and CEO of CombiMatrix, discussed the development, the technical issues, the market opportunity, and other aspects of this test.
The webcast may be accessed on CombiMatrix's website, www.combimatrix.com, in the Investor/Events section (http://investor.combimatrix.com/events.cfm) beginning late in the day on October 8, 2008.
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.
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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.