Superior Court Issues Final Statement of Decision and Enters Judgment in Favor of CombiMatrix
March 12 2015 - 7:00AM
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 its final Statement of Decision (the
"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") and has entered Judgment in Defendants' favor,
dismissing Plaintiff's complaint with prejudice. In its 26-page
Statement of Decision, the Court affirmed its ruling in favor of
the Defendants and against all claims of the Plaintiff, despite
over 70 pages of objections filed by Plaintiff following the
Court's tentative ruling filed January 2, 2015. The Court once
again determined that Plaintiff failed to prove that Defendants had
any fraudulent intent when they pursued insurance benefits under
the National Union D&O Policy over a decade ago. Plaintiff
has approximately 60 days to file a Notice of Appeal of the Court's
Judgment. There can be no assurance that the Court's decision won't
be appealed or, if appealed, that it won't be overturned.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic
solutions and comprehensive clinical support to foster the highest
quality in patient care. CombiMatrix specializes in
pre-implantation genetic screening (PGS), prenatal diagnosis,
miscarriage analysis, and pediatric genetics, offering DNA‑based
testing for the detection of genetic abnormalities beyond what can
be identified through traditional methodologies. CombiMatrix
performs genetic testing utilizing a variety of advanced
cytogenomic techniques, including chromosomal microarray,
standardized and customized fluorescence in situ hybridization
("FISH") and high-resolution karyotyping. CombiMatrix is dedicated
to providing high-level clinical support for healthcare
professionals in order to help them incorporate the results of
complex genetic testing into patient-centered medical decision
making. 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 decision is appealed and
overturned; 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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