Key Developments For CombiMatrix Corporation
CombiMatrix Corporation (CBMX.O) (Consolidated Issue listed on NASDAQ Global Market)
CombiMatrix Corporation Announces Hearing Date Regarding Its $36 Million Judgment
CombiMatrix Corporation announced that the U.S. 9th Circuit Court of Appeals has set a date for an oral hearing in its litigation with National Union Fire Insurance Company of Pittsburgh, PA, an AIG company. This oral hearing is a short session (each side will have 15 minutes) for each party to present arguments supplementing those in the briefs that were filed with the Court earlier this year. The date set by the Court is November 2, 2009. National Union has informed CombiMatrix that it will seek a continuance of the argument to early December, due to a conflict with its attorneys' schedules. Once the Court rules on the requested continuance, CombiMatrix will provide an update.
CombiMatrix Corporation Receives New $1.5 Million U.S. Air Force Contract
CombiMatrix Corporation announced that it has received a contract from the U.S. Air Force Research Laboratory for $1,476,000 to develop automated instrumentation that uses semiconductor microarray technologies for detecting chemical, biological and environmental hazards that can impact the health of deployed military personnel.
CombiMatrix Corporation Publishes Clinical Study Of Its HerScan Breast Cancer Test
CombiMatrix Corporation announced that the validation study performed by its wholly owned subsidiary, Combimatrix Molecular Diagnostics (CMDX), in collaboration with the Department of Pathology at the University of Texas Health Science Center in San Antonio, TX (UTHSCSA). HerScan is an array based test that is designed to provide an accurate and objective enumeration of the Her2 gene locus against the template of the whole genome. Moreover, because the copy number status of the Her2 gene, as well as that of a comprehensive representation of the whole cancer genome is contextualized by individual chromosomes, the HerScan test facilitates subtyping of breast cancers into the five different subtypes that are cytogenetically characteristic: Luminal A, Luminal B, Her2, Basal-Like and Complex unclassified. Consequently, for the first time in a single test, the HerScan test provides insights into the genomic architecture, and hence etiology and prognosis of the breast cancer, which may be combined with anatomic pathology to facilitate the most appropriate therapeutic regimes for each individual patient.
CombiMatrix Corporation Present Comprehensive Cancer Array Data
CombiMatrix Corporation announced that Dr. Amit Kumar, will present at the DxRx Summit: Nucleic Acid Diagnostics & Therapeutics in Boston, Massachusetts. Cancer-patient survivability has been shown to be greatly enhanced by early diagnosis of cancer. For some types of cancer, there are no existing screens for early detection. For others, such as prostate cancer and PSA tests, there are early detection screens, but they are not particularly effective in distinguishing between indolent and aggressive forms of cancer. For others, such as colon cancer and colonoscopies, there are effective tests, but they are invasive enough that many people forgo them. An effective test that could screen for all of the most prevalent cancers based only on a blood sample would be a significant breakthrough for healthcare. We show here that a simple assay that detects serum miRNAs can be used to distinguish between cancerous and non-cancerous states and also can be used to classify different cancers and thus could be used to tailor medical care to an individual's needs.MicroRNAs (miRNAs) are a class of small non-coding RNA species that play critical roles throughout cellular development and regulation. miRNA expression patterns taken from various tissue types often point to the cellular lineage of an individual tissue type, thereby being a more invariant hallmark of tissue type.
CombiMatrix Corporation Receives Commitments For $8.25 Million In Registered Direct Offering
CombiMatrix Corporation announced that is has obtained commitments from a group of select investors to purchase up to $8.25 million of its common stock and warrants in a registered direct offering. Under the terms of the transaction, CombiMatrix will sell approximately 1.1 million units for $7.50 per unit. Each unit will consist of one share of CombiMatrix common stock and one warrant, each warrant to purchase one share of common stock at an exercise price of $9.00 per share. The warrants may be exercised beginning six months after the offering and have a term of five years. The warrants will be callable under certain conditions. The closing of the offering is expected to take place on or about May 1, 2009. The units are being offered and sold by the Company pursuant to an effective shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission. Proceeds from the offering, net of placement agent fees and expenses, are expected to be approximately $7.57 million. Emerging Growth Equities, Ltd. served as the placement agent for the offering, and The Benchmark Company, LLC acted as a selected dealer.
