CombiMatrix Awarded Additional $1.9 Million Military Contract from the Army Research Office; New Contract an Addition to Existing CombiMatrix Contracts from the Department of Defense
"We are pleased that our technology and capabilities continue to be recognized and validated by our military. We expect these programs to expand and to provide additional development funding," said Dr. Amit Kumar, President and CEO. "All of our development efforts focus on applications and products that are of need for the military as well as the civilian marketplace. CombiMatrix will continue to leverage its R&D efforts through funding from the government."
“All of our development efforts focus on applications and products that are of need for the military as well as the civilian marketplace. CombiMatrix will continue to leverage its R&D efforts through funding from the government.”
At the end of 2005, CombiMatrix had completed work under a $5.9 million Department of Defense contract. Currently, CombiMatrix is executing a $2.1 million contract; and will soon access an additional $2.16 million contract. This additional $1.9 million, along with our grants from the US Air Force, and the recently announced National Academies Grant, brings total government commitments to CombiMatrix to nearly $14 million, of which $6 million will be utilized during the remainder of 2006 and early 2007. Also, for 2007 and beyond, CombiMatrix and its collaborators have grant applications and requests into the government for more than $25 million.
The objective of the contract is to develop a self-contained, fully integrated, automatic, and disposable device for detection of a wide variety of microorganisms within one hour. All the functional components of this device such as micropumps, microvalves, and micromixers are low-cost and integrated in the device, thus simplifying and automating device operation. The successful completion of the proposed work will result in a handheld instrument capable of rapid multiplexed PCR amplification, ECD-based microarray detection, and data-interpretation capabilities. The device can be tailored for the detection of a wide variety of microorganisms and integrated for semi-automated or automated sample preparation and detection in a rugged, field-deployable unit. This device can be an intermediate step between our compact, toaster-sized, ElectraSense(TM) reader (http://www.combimatrix.com/products_electrasense.htm) and a fully automated "smoke detector" sized detection and warning system.
Dr. Robin Liu, the Principal Investigator on this contract, said, "Conventional microarray readers, running current protocols, can be the size of small refrigerators and cost hundreds of thousands of dollars. We are producing a compact, toaster-size reader that costs $20,000. This new contract will allow us to continue to miniaturize the complete detection system and automate the assay protocols."
Potential users of this system are both non-medical and medical military personnel, as well as civilian medical professionals. Applications include the detection of biothreat agents such as anthrax, plague, as well as infectious diseases such as influenza, SARS, and HIV. Following completed development, CombiMatrix is expected to seek FDA approval for its system and arrays.
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 42 patent portfolios, which include over 160 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(R)), digital video production, dynamic manufacturing modeling, enhanced Internet navigation, hearing aid ECS, image resolution enhancement, interactive data sharing, interactive television, interstitial Internet advertising, laptop docking station connectivity, microprocessor enhancement, multi-dimensional bar codes, network data storage, resource scheduling, rotational video imaging and spreadsheet automation.
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.