MUKILTEO, Wash., April 24, 2008 (PRIME NEWSWIRE) -- The United States District Court for the Central District of California increased the award previously issued in favor of CombiMatrix Corporation (Nasdaq:CBMX). The Court originally awarded $32.1 million to CombiMatrix to be paid by National Union Fire Ins. Co. of Pittsburgh, PA, a member company of American International Group (AIG). On April 23, 2008, the Court awarded CombiMatrix an additional $3.6 million in attorneys' fees and litigation costs, thereby increasing the overall award to $35.7 million. This award will be entered as a Final Judgment at a later date, and will continue to earn interest until paid.
"CombiMatrix, which has roughly 6 million shares of stock outstanding, is pleased by the verdict," commented Amit Kumar, Ph.D., President and CEO of CombiMatrix Corporation.
CombiMatrix is represented in this litigation by Richard B. Specter of Corbett, Steelman & Specter in Irvine, California.
ABOUT COMBIMATRIX CORPORATION
We are a diversified biotechnology business that develops proprietary technologies, products and services in the areas of drug development, genetic analysis, molecular diagnostics, nanotechnology research, defense and homeland security markets, as well as other potential markets where our products and services could be utilized. The technologies we have developed include a platform technology to rapidly produce customizable, in-situ synthesized, oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. This technology has a wide range of potential applications in the areas of genomics, proteomics, biosensors, drug discovery, drug development, diagnostics, combinatorial chemistry, material sciences and nanotechnology. Other technologies include proprietary molecular synthesis and screening methods for the discovery of potential new drugs. CombiMatrix Molecular Diagnostics, Inc., a wholly owned subsidiary located in Irvine, California, has developed capabilities of producing arrays that utilize bacterial artificial chromosomes, which also enable genetic analysis.
Additional information about CombiMatrix Corporation is available at www.combimatrix.com or by calling 1-800-985 CBMX (2269). Additional information about our laboratory, CombiMatrix Molecular Diagnostics, is available at www.cmdiagnostics.com or by calling 1-800-710-0624.
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.