IRVINE, Calif., Jan. 6, 2015 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based testing services for pre- and postnatal developmental disorders, today announced that the Superior Court of the State of California, County of Orange (the “Court”), has issued a tentative ruling and proposed statement of decision (the “Proposed Statement of Decision”) in the matter of the People of the State of California and Relator Michael Strathmann (“Plaintiff”) vs. Acacia Research Corporation, CombiMatrix Corporation and Amit Kumar (“Defendants”). In its 27-page Proposed Statement of Decision, the Court has tentatively ruled in favor of the Defendants and against all claims of the Plaintiff. Specifically, the Court determined that Defendants had no fraudulent intent when they pursued insurance benefits under the National Union D&O Policy over a decade ago. Each party in this case now has up to fifteen days to file any objections it may have. The Court then has approximately 60 days to consider the objections and to hear additional arguments before the Court issues its final ruling and judgment.
“We are pleased with the Court’s Proposed Statement of Decision,” said Mark McDonough, President and Chief Executive Officer of CombiMatrix. “Though we understand that there may be future legal hurdles to overcome, based on the Court’s tentative decision, we are optimistic this matter will be resolved in favor of CombiMatrix in a timely fashion. We continue to focus on executing our business plan and driving toward commercial success in 2015 and beyond.”
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support for the highest quality of care – specializing in miscarriage analysis, prenatal and pediatric healthcare. CombiMatrix offers comprehensive testing services for the detection of abnormalities of genes at the DNA level beyond what can be identified through traditional technologies. The Company performs genetic testing utilizing microarray, FISH, PCR and G-Band chromosome analyses. Additional information about CombiMatrix is available at www.combimatrix.com or by calling 1-800-710-0624.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press 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, speak only as of the date hereof and are subject to change. All statements, other than statements of historical fact included in this press release, are forward-looking statements. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “goal,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” “objective,” similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. The risks and uncertainties referred to above include, but are not limited to: the risk that the Court’s final ruling and statement of decision in the current litigation will be different than its tentative ruling and proposed statement of decision; the risk that a successful appeal will be taken from the Court’s decision in the current litigation; market acceptance of CMA as a preferred method over karyotyping; the rate of transition to CMA from karyotyping; our ability to successfully expand the base of our customers and strategic partners, add to the menu of our diagnostic tests in both of our primary markets, develop and introduce new tests and related reports, optimize the reimbursements received for our testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, allow access to samples earlier in the testing continuum, steadily increase the size of our customer rosters in both developmental medicine and oncology; our ability to attract and retain a qualified sales force; rapid technological change in our markets; changes in demand for our future products; legislative, regulatory and competitive developments; general economic conditions; and various other factors. Further information on potential factors that could affect our financial results is included in our Annual Report on Form 10-K, Quarterly Reports of Form 10-Q, and in other filings with the Securities and Exchange Commission. We undertake no obligation to revise or update publicly any forward-looking statements for any reason, except as required by law.
CONTACT: Company Contact: Mark McDonough President & CEO, CombiMatrix Corporation (949) 753-0624 Investor Contact: Robert Flamm, Ph.D. Russo Partners, LLC (212) 845-4226 robert.flamm@russopartnersllc.com Media Contact: David Schull or Lena Evans Russo Partners LLC (212) 845-4271 david.schull@russopartnersllc.com lena.evans@russopartnersllc.com
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