CombiMatrix Awarded Additional $2 Million for Influenza Monitoring and Biothreat Detection
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Acacia Research Corporation (Nasdaq:CBMX)(Nasdaq:ACTG) announced today the 2007 Defense Appropriations Bill, recently signed into law by President Bush, includes two new allocations of $1.0M each for the CombiMatrix Group. This funding will support efforts by CombiMatrix to continue the development and deployment of its microarray technologies for the detection of biological-threat agents and infectious pathogens such as the highly pathogenic Eurasian Influenza A Virus (H5N1).
“The value of our products, for public health and homeland security applications, is underscored by the continued support from the US government”
Since March of 2004, including these two new appropriations, CombiMatrix has been awarded funding from the US government totaling nearly $15 Million dollars. Of this $15 Million in commitments, CombiMatrix has drawn down roughly $8 Million. CombiMatrix also has other collaborative efforts and requests into various government agencies that may result in additional contracts.
This funding supports the development of products such as CombiMatrix’s portable ElectraSense™ Reader and arrays for the detection of biological-warfare agents, infectious diseases such as influenza, and upper-respiratory infections, as well as the development of microfluidics and hand held detection systems. All of these products and technologies, while needed by government agencies and the military, also have direct applications in the civilian sector, for markets such as diagnostics.
One of these allocations was specifically granted to address the public health concern regarding the highly pathogenic Eurasian Avian Influenza A Virus, commonly known by its serotype (H5N1). Our system for the detection and typing of Influenza A is the most-comprehensive analytical device for this application. We have recently demonstrated that our DNA-array technology enables us to modify our analytical capability as the virus continues to mutate. This system has recently been used in a number of government-funded studies to monitor birds entering North America. These studies were conducted in collaboration with several government agencies as well as with industrial partners. With this additional funding, we expect to continue improving the capability of our system, which includes cost reduction and integration.
Dr. David Danley, Director of Homeland Defense of CombiMatrix Corporation, stated, “This funding demonstrates the continued interest our government has in our technology and our products. With this additional capital, our goal is to develop an integrated system that can be used in a laboratory as well as military and civilian environments where early detection can reduce the spread of the disease or the impact of a biothreat attack.”
“The value of our products, for public health and homeland security applications, is underscored by the continued support from the US government,” said Dr. Amit Kumar, President and CEO of CombiMatrix Corporation. “As I have stated previously, we expect our work with the government and specifically the US military to continue to grow.”
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 CUSTOMARRAYS™, 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 50 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.
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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.