CombiMatrix takes down the 'for sale' notice, and will now go it alone

2 June 2010

US firm CombiMatrix Corp revealed yesterday that it has instructed its investment bankers to cease work on identification and pursuit of potential purchasers of the company or its assets. For the past several months, CombiMatrix has had discussions with parties about a sale of the company or assets of the company. The news saw the firm's stock fall 10% to $2.46 in early trading yesterday.

The board of directors of the Mukilteo, Washington-based group has determined that the company should now focus exclusively on building and growing the diagnostics services business. One component of that endeavor is the recruitment and hiring of a commercially focused executive who will replace outgoing chief executive Amit Kumar.

"As we have stated in previous announcements, CombiMatrix is at an inflection point in its development and needs to refocus its efforts on increasing the commercial use of its tests," stated Dr Kumar.

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