IRVINE, Calif., Dec. 11, 2015 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a molecular diagnostics company specializing in DNA-based testing services for prenatal, miscarriage analysis and postnatal developmental disorders and pre-implantation genetic screening (PGS) services, today highlighted two recent developments.
"Because information about our executive trading plans disclosed in our Section 16 reports have not been widely understood and certain financial portals have not posted our recent Form 8-K filing with the Securities and Exchange Commission (SEC), we want to make sure that our shareholders are aware of these developments," said Mark McDonough, President and Chief Executive Officer of CombiMatrix.
Rule 10b5-1 Trading Plans of CombiMatrix Section 16 Officers
In February 2014 and January 2015, the CEO and CFO of CombiMatrix adopted Rule 10b5-1 trading plans under which a portion of their vested restricted stock unit shares are automatically sold solely to pay required applicable withholding taxes. The February 2014 restricted stock units vest in four equal annual installments beginning February 20, 2015 and the January 2015 restricted stock units vest in four equal annual installments beginning January 9, 2016. Accordingly, the next scheduled sales under these Rule 10b5-1 trading plans will occur within a few days after January 9, 2016 and February 20, 2016. Because of these Rule 10b5-1 trading plans and the nature of the annual vesting of the restricted stock units, the CEO and CFO of CombiMatrix are prohibited by the automatic provisions of Section 16(b) of the Securities Exchange Act of 1934 from ever purchasing stock of CombiMatrix while the Rule 10b5-1 trading plans are in place and the restricted stock units are outstanding, without disgorgement of profit to the Company.
Transaction Bonus Plan and Restated Executive Change of Control Severance Plan
As disclosed in its Current Report on Form 8-K filed with the SEC on December 7, 2015, CombiMatrix adopted a Transaction Bonus Plan on December 2, 2015 that provides for certain bonus payments to be made, upon the consummation of a qualifying change of control transaction, to certain employees of CombiMatrix as shall be determined from time to time by its Compensation Committee. On December 7, 2015, CombiMatrix also amended and restated its Restated Executive Change of Control Severance Plan (collectively, the "Plans"). More information about the Plans can be found on the Company's website at http://investor.combimatrix.com/secfiling.cfm?filingID=1104659-15-83289 or on www.sec.gov.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care. CombiMatrix specializes in pre-implantation genetic screening, miscarriage analysis, prenatal and pediatric diagnostics, offering DNA-based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. CombiMatrix performs genetic testing utilizing a variety of advanced cytogenomic techniques, including chromosomal microarray, standardized and customized fluorescence in situ hybridization (FISH) and high-resolution karyotyping. CombiMatrix is dedicated to providing high-level clinical support for healthcare professionals in order to help them incorporate the results of complex genetic testing into patient-centered medical decision making. 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 determinations under the Transaction Bonus Plan and management's Rule 10b5-1 plans. 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: the availability of strategic alternatives; the continuation of management's Rule 10b5-1 plans and any future grants of restricted stock units; our ability to successfully market our CombiPGS and other diagnostic test offerings in the state of New York, to successfully expand the base of our customers and strategic partners, 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 both prenatal and developmental genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales force and our strategic partners; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; the outcome of pending litigation; 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.