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News >> Technology >>
CombiMatrix receives payments of $5.8 M from partners
By siliconindia
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Wednesday, 02 July 2003, 19:30 IST
NEWPORT BEACH, CA: Acacia Research Corporation (Nasdaq:ACTG) announced today that CombiMatrix (Nasdaq:CBMX) has received payments in the second quarter totaling $5.8 million from its strategic partners. These payments generated positive cash flow for the CombiMatrix group during the second quarter.
CombiMatrix is one of the operating groups of Acacia Research Corporation.
"This was a productive quarter for CombiMatrix as we continued to execute our business strategy," stated Dr. Amit Kumar, President and CEO of CombiMatrix. "In addition to our collaboration with Roche, we established a new strategic alliance with Toppan, and launched Express Track, our drug discovery program."
Express Track is a new siRNA drug discovery program launched in the second quarter. CombiMatrix is using Express Track to discover, design, and build "ideal" siRNA compounds effective against common viral diseases. The business strategy of Express Track is to leverage CombiMatrix's proprietary microarray and bioinformatic technology to identify, develop, and protect potential siRNA compounds.
CombiMatrix plans to utilize partners to help develop therapeutic products. Express Track achieved early success with two anti-viral pre-clinical collaborations for treating SARS and HIV infection (AIDS).
The CombiMatrix group is developing a platform technology 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. CombiMatrix's technology has a wide range of applications including DNA synthesis/diagnostics, drug discovery, and immunochemical detection.