2009 Defense Appropriations Bill Includes $2 Million for CombiMatrix


MUKILTEO, Wash., Sept. 22, 2008 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) announced that U.S. Senator Patty Murray (D-WA) has included $2 million in the 2009 Defense Appropriations Bill for development of a Health Surveillance System by the company. The funding was included in the version of the legislation approved by the Senate Defense Appropriations Subcommittee on September 10. The system, to be developed under the management of the Air Force Research Laboratory, builds on CombiMatrix's versatile semiconductor microarray and instrumentation platforms to detect changes in body chemistry as a result of trauma.

"With this funding, CombiMatrix will further develop its microarray platform technology to provide the military healthcare system with new tools for treating everything from bullet wounds to battlefield stress," said Dr. David Danley, Director of Homeland Security and Defense Programs at CombiMatrix. "Early surgical intervention to repair wounded tissue saves lives and limbs. However, it is becoming more evident that stress and trauma can have long-term effects on the body even without overt physical damage. This funding would allow us to develop new assays on our microarray platform to identify changes in body chemistry and gene expression that are indicative of adverse changes in physiological performance. We want to provide military health care providers with new tools for evaluating the adverse and long-term effects of stress and trauma. In addition, the work enabled by this funding will be relevant to similar applications in the civilian market space. We are enormously grateful to Senator Murray for her support of the vital project. The availability of the funding is contingent upon final enactment of the provision into law."

Senator Murray's press release can be read at http://murray.senate.gov/news.cfm?id=302744 .

ABOUT COMBIMATRIX CORPORATION

We are a diversified biotechnology business, through the development of 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 oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. We make the arrays using our patented in situ electrochemical synthesis process, which provides the ability to easily change array content to stay current with new developments and to meet the evolving needs of our customers. 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. We have also developed the capabilities of producing arrays that utilize bacterial artificial chromosomes on our arrays, also enabling genetic analysis. Other technologies include proprietary molecular synthesis and screening methods for the discovery of potential new drugs. CombiMatrix Molecular Diagnostics, Inc. ("CMDX"), our wholly owned subsidiary located in Irvine, California, has developed capabilities of producing arrays that utilize bacterial artificial chromosomes, which also enable genetic analysis. CMDX functions primarily as a diagnostics reference laboratory.

Additional information about CombiMatrix Corporation is available at www.combimatrix.com or by calling 1-800-985-CBMX (2269). Additional information about CMDX 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.



            

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