UPDATE 2-CombiMatrix says to stop efforts to sell co, assets
* Will focus on growing diagnostics services business
* Search for new CEO continues
* Shares down 13 pct (Updates share movement)
June 1 (Reuters) - Biotechnology firm CombiMatrix Corp (CBMX.O) said it was ending its efforts to find a potential buyer for the company or its assets, sending its shares down as much as 13 percent to their life-time low.
The company said it would now focus exclusively on building and growing the diagnostics services business.
For the past several months, CombiMatrix has had discussions with parties about a sale of the company or its assets, it said in a statement.
In April, the company said its chief executive officer would resign as a part of a restructuring plan to significantly cut operating costs. [ID:nSGE63I0LY]
The company was well into implementing its plan and was looking for a replacement for CEO Amit Kumar, it said.
Shares of the company were down 10 percent at $2.47 in morning trade on Nasdaq. They touched a low of $2.38 earlier in the session. (Reporting by Shailesh Kuber in Bangalore; Editing by Aradhana Aravindan)
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