CombiMatrix Receives $8.5 Million in 4th Quarter.Business Editors & Health/Medical Writers BIOWIRE2K MUKILTEO, Wash.--(BUSINESS WIRE)--Jan. 9, 2003 CombiMatrix (Nasdaq:CBMX), an Acacia Research business, announced today that it received $8.5 million in the fourth quarter ending December 31, 2002. The payments were received from its strategic partner Roche, for completion of product development milestones, an initial payment for the expansion of its alliance, and related product delivery. CombiMatrix was cash flow positive on an operating basis for the quarter. "This was a pivotal quarter for us as we continued to execute our strategy," stated Dr. Amit Kumar, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of CombiMatrix. "We completed a number of product development milestones and introduced our technology at three major conferences in the U.S., Europe, and Japan." CombiMatrix is executing a commercialization strategy, which couples its strengths in product development with the manufacturing and distribution strengths of corporate partners. About CombiMatrix and Acacia Research Corporation Acacia Research Corporation comprises two operating groups. The CombiMatrix group is developing a platform technology that has a wide range of applications, from DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. synthesis/diagnostics to immunochemical im·mu·no·chem·is·try n. The chemistry of immunologic phenomena, as of antigen-antibody reactions. im detection. The platform allows the company to rapidly produce customizable active biochips, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations and proteins. The company is designing its products principally to be responsive to the needs of pharmaceutical, biotechnology, and academic researchers in analyzing raw genomic data in the discovery and development of pharmaceutical products. CombiMatrix' Web site is located at www.combimatrix.com. The Acacia Technologies
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