CombiMatrix receives $488,958 grant under QTDP program

CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company with a focus on DNA-based clinical diagnostic testing services for oncology and pre-and postnatal developmental disorders, announced today the award of $488,958 under the Internal Revenue Service's Section 48D for Qualifying Therapeutic Discovery Projects. All of this grant is available for reimbursement this month, and is for activities incurred for the following projects:

• Array Comparative Genomic Hybridization, or "aCGH"; and
• Comprehensive Cancer Array, or "CCA".

"This award comes at an opportune time and will help further advance the development of our molecular diagnostic tests in the fields of early childhood developmental disorders as well as cancer," stated R. Judd Jessup, President and CEO of CombiMatrix Corporation. "We are pleased to have been awarded the full available amount for our projects for which we applied," concluded Mr. Jessup.

By using funds provided from the Patient Protection and Affordable Care Act (ACA) passed earlier this year, the Internal Revenue Service has awarded $1 billion in grants and tax credits to a large number of small biomedical and molecular diagnostic companies, including CombiMatrix. In order to have qualified for an award, businesses with fewer than 250 employees were required to submit applications earlier this year for individual research and development projects that showed, among other requirements, the potential to (i) result in new therapies to treat areas of unmet medical need, or prevent, detect, or treat chronic or acute diseases or conditions; (ii) reduce long-term health care costs in the United States; or (iii) significantly advance the goal of curing cancer within 30 years. For additional information about IRS Section 48D, please visit http://www.irs.gov/irb/2010-23_IRB/ar08.html#doe1444.