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CombiMatrix Reports Summary Selected Preliminary Third Quarter Financial Results



CombiMatrix Reports Summary Selected Preliminary Third Quarter Financial
Results

IRVINE, Calif., Oct. 28, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation
(Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based
testing services for developmental disorders and cancer diagnostics, today
reported summary selected preliminary unaudited third quarter financial
results. The Company is currently in the process of finalizing its unaudited
consolidated financial statements for the three months ended September 30,
2013, and therefore, the complete financial results are not yet available.

Total revenues for the three months ended September 30, 2013 are expected to
be $1.50 million, compared to revenues of $1.29 million for the three months
ended September 30, 2012. The increase was driven primarily by increased
microarray testing volumes, which increased by 34% from 857 billable tests for
the third quarter ended September 30, 2012, to 1,145 tests for the third
quarter ended September 30, 2013. The prior year revenues included $195,000 of
clinical trial support services revenues, which did not repeat in
2013. Diagnostic testing revenues of $1.47 million grew by 39% in the third
quarter of 2013 from $1.05 million in the third quarter of 2012.

Prenatal microarray revenues increased to $847,000 for the three months ended
September 30, 2013, compared to $370,000 for the comparable period in 2012,
driven primarily by increased prenatal microarray volumes, which increased to
541 for the three months ended September 30, 2013, compared to 225 in the
comparable period in 2012. Prenatal microarray volumes grew by 140% in the
third quarter of 2013 over the comparable period in 2012.

Cash and cash equivalents and total assets were $4.0 million and $7.0 million
as of September 30, 2013, compared to $2.4 million and $5.2 million as of
December 31, 2012, respectively. Cash balances increased due primarily to
financing activities in 2013, partially offset by cash used in operations,
which was $1.2 million for the three months ended September 30, 2013, compared
to $1.4 million in the comparable period in 2012. The warrant liability
decreased to $1.1 million as of September 30, 2013, from $4.2 million as of
December 31, 2012, as a result of warrant exercises and decreases in the fair
value of the derivative warrant liability during 2013. Total liabilities
decreased to $2.6 million as of September 30, 2013, from $5.9 million as of
December 31, 2012, primarily due to decreases in the derivative warrant
liability. Stockholders' equity increased to $4.4 million as of September 30,
2013, from a deficit of $1.1 million as of December 31, 2012. The increase in
stockholders' equity is due primarily to financing activities during 2013,
coupled with the recognition of warrant derivative gains from lower warrant
liability valuations as of September 30, 2013, compared to December 31, 2012.

About CombiMatrix Corporation

CombiMatrix Corporation provides valuable molecular diagnostic solutions and
comprehensive clinical support for the highest quality of care – specializing
in miscarriage analysis, prenatal and pediatric healthcare. CombiMatrix offers
comprehensive testing services for the detection of genetic abnormalities at
the DNA level, beyond what can be identified through traditional
methodologies. The Company performs genetic testing utilizing advanced
technologies, including microarray, FISH, PCR and G-Band chromosome analyses.
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 and include, but are
not limited to, statements regarding the our financial and performance
results. 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: possible adjustments to preliminary operating
results; market acceptance of chromosomal microarray analysis (or ''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
         Tel (949) 753-0624
        
         Media Contact:
         Len Hall
         VP, Media Relations
         Allen & Caron
         Tel (949) 474-4300
         len@allencaron.com

CombiMatrix Corporation
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