CombiMatrix Completes Prototype Electrochemical Detection System Under U.S. Department of Defense Grants.
Acacia Research Corporation (Nasdaq:ACRI) announced today that its majority owned subsidiary, CombiMatrix, has completed a prototype electrochemical detection system and is set to deliver the system to the U.S. Department of Defense.
CombiMatrix developed its sensor technology through grants from the U.S. Department of Defense. The focus of the grants was aimed at developing an ultrasensitive hand-held biochip system for detecting the deployment of chemical and biological warfare agents.
"Delivery of these fully functional prototype units for U.S. Department of Defense testing and evaluation is an important milestone in the commercialization of our system for the detection of chemical and biological warfare agents," said Dr. Donald Montgomery, Chief Technology Officer of CombiMatrix. "We understand the urgent need for this capability in homeland defense applications and our goal is to pursue this application of our technology through additional collaborations."
CombiMatrix will be demonstrating its electrochemical sensor technology at the Homeland Security and Force Protection Science and Technology Conference to be held at Fort Leonard Wood, Missouri on August 7th and 8th, 2002. Fort Leonard Wood is the home of the Army's schools for chemical and biological research.
CombiMatrix is developing a platform technology that has a wide range of applications, from DNA synthesis/diagnostics to immunochemical 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 and proteomic data in the discovery and development of pharmaceutical products. CombiMatrix's Web site is located at www.combimatrix.com.
About Acacia Research Corporation
Acacia Research develops, licenses and provides products for the life science and media technology sectors. Acacia licenses its V-chip technology to television manufacturers and owns pioneering technology for digital streaming and video-on-demand. Acacia's CombiMatrix subsidiary is developing a bio-chip technology for the life science market. Acacia Research's Web site is located at www.acaciaresearch.com.
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.
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|Date:||Jul 15, 2002|
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