MUKILTEO, Wash., Nov. 13, 2008 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) today announced that it ranked number 156 on Deloitte's 2008 Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications and life sciences companies in North America. Rankings are based on percentage of fiscal year revenue growth over five years, from 2003-2007.
Overall, companies that ranked on the 2008 Technology Fast 500 had growth rates ranging from 242 to 138,762 percent over five years, with an average growth rate of 3,043 percent.
CombiMatrix's President and CEO, Dr. Amit Kumar, credits a tremendously talented and passionate team with the company's revenue growth from 2003-2007. Dr. Kumar said, "We are pleased to be recognized by Deloitte & Touche for our growth. This recognition is a testament to the hard work, talent and perseverance of our employees. Our company is committed to the delivery of sophisticated genetic tests for ill patients. We are doing this now and hope to expand into the future and with additional life-saving products."
In addition to ranking on Deloitte's Technology Fast 500, CombiMatrix ranked 12th on the Washington Technology Fast 50, which is a ranking of the 50 fastest growing technology firms in Washington State.
"Deloitte's Technology Fast 500 recognizes companies who have achieved extraordinary growth in North America's most innovative and competitive market sectors," said Phil Asmundson, Deloitte LLP vice chairman and national managing partner for Technology, Media and Telecommunications. "We congratulate CombiMatrix on this significant accomplishment."
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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 oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. We make the arrays using our patented in situ electrochemical synthesis process, which provides the ability to easily change array content to stay current with new developments and to meet the evolving needs of our customers. 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. CMDX functions primarily as a diagnostics reference laboratory.
Additional information about CombiMatrix Corporation is available at www.combimatrix.com or by calling 1-800-985-CBMX (2269). 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 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.