Healthcare Industry News: CombiMatrix
News Release - June 26, 2006
CombiMatrix Molecular Diagnostics to Offer First Commercial Genetic Test from Its CLIA Certified Laboratory
Laboratory Will Offer Its Constitutional Genetic Array Test (CGAT) in AugustNEWPORT BEACH, Calif.--(HSMN NewsFeed)--June 26, 2006--Acacia Research Corporation (Nasdaq:CBMX ; Nasdaq:ACTG ) announced today that its CombiMatrix group's subsidiary, CombiMatrix Molecular Diagnostics (CMDX) is planning to commercially launch its first molecular diagnostic service offering in August, 2006. This first product offering, which is already being sold in Europe through CMDX' distributor Array Genomics, is in the final phases of internal human/clinical validation prior to U.S. launch. This service utilizes CMDX' Constitutional Genetic Array Test (CGAT), which can genetically identify over 50 common genetic disorders in one test.
Over two thirds of young children with developmental disorders are either undiagnosed or miss-diagnosed through conventional techniques, making it difficult to provide appropriate treatment or counseling. CMDX' CGAT array is designed to provide a greater capability to accurately identify the specific inherited genetic abnormality that is the cause of the clinical disorder.
"We are exited about the launch of our first molecular diagnostic service offering from CMDX. During the second quarter we began selling our first diagnostic chip into the European market, and during the third quarter of this year we will be offering our first service," stated Matt Watson, CEO of CMDX. "We are actively developing further tests based on both our oligo- and BAC capabilities that augment our microarray portfolio and over the next three quarters, we have plans to launch three to five additional products into the molecular diagnostics market."
Dr. Amit Kumar, President and CEO of CombiMatrix, and Chairman of CMDX, stated, "This launch and the additional upcoming launches signal the achievement of a major milestone for CombiMatrix. CMDX is among a small group of companies that is providing array-based human molecular diagnostics services, and over the next 18 months, our plan is to have the industry's broadest portfolio of array based diagnostic services on the market."
ABOUT ACACIA RESEARCH CORPORATION
Acacia Research Corporation comprises two operating groups, Acacia Technologies group and CombiMatrix group.
The CombiMatrix group is developing a platform technology to rapidly produce customizable arrays, which are semiconductor-based tools for use in identifying and determining the roles of genes, gene mutations and proteins. The CombiMatrix's group's 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.
The Acacia Technologies group develops, acquires, and licenses patented technologies. Acacia controls 47 patent portfolios, which include U.S. patents and certain foreign counterparts, covering technologies used in a wide variety of industries including audio/video enhancement & synchronization, broadcast data retrieval, computer memory cache coherency, credit card fraud protection, database management, data encryption & product activation, digital media transmission (DMT®), digital video production, dynamic manufacturing modeling, enhanced Internet navigation, hearing aid ECS, image resolution enhancement, interactive data sharing, interactive television, laptop docking station connectivity, microprocessor enhancement, multi-dimensional bar codes, network data storage, resource scheduling, rotational video imaging, spreadsheet automation, user activated Internet advertising and web conferencing & collaboration software.
Acacia Research-Acacia Technologies (Nasdaq:ACTG ) and Acacia Research-CombiMatrix (Nasdaq:CBMX ) are both classes of common stock issued by Acacia Research Corporation and are intended to reflect the performance of the respective operating groups and are not issued by the operating groups.
Information about the Acacia Technologies group and the CombiMatrix group is available at www.acaciaresearch.com.
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 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.
Source: Acacia Research
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