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CombiMatrix Gives Up Early Morning Gains Following Announcement Of Strategic Review

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CombiMatrix Corp (NASDAQ: CBMX), a molecular diagnostics company, announced on Thursday it has begun to explore strategic alternatives, including potential M&A activity and business development opportunities.

The company noted its strategic review process is intended to enhance shareholder value.

Shares of CombiMatrix opened for trading at $3.86 on Thursday and quickly rose to an intra-day high of $4.14. By early Thursday afternoon shares were trading at $3.58, up more than 4 percent on the day.

"We are an established player in the diagnostics market and are building on our position as a leader in the growing in vitro fertilization and miscarriage analysis markets with diagnostic tests based on superior technology with clinical and industry support," stated Mark McDonough, President and Chief Executive Officer of CombiMatrix. "We are executing on a strategy to drive test volume growth by adding new customers and are securing reimbursement contracts with major payors to assist in maintaining our strong collections rate.

"Armed with a strengthened balance sheet as a result of our recent capital raise, we believe now is the appropriate time to consider alternatives aimed at advancing our business plan, while continuing to grow organically," added Mr. McDonough. "We are pleased to be working with the highly experienced team at Torreya and to tap into their expertise in identifying and evaluating opportunities that fit with our business. Among the possible alternatives include acquiring a company or technology that we can tuck in to our growing portfolio or helping another entity enhance its offering by leveraging our expertise and infrastructure. Although there can be no assurance that the exploration of any alternatives will result in CombiMatrix entering into or consummating a transaction, we are committed to enhancing shareholder value in the diagnostics services markets we serve."

 

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