CombiMatrix Highlights Two Recent Developments
11 Diciembre 2015 - 5:00AM
CombiMatrix Corporation (NASDAQ:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for prenatal,
miscarriage analysis and postnatal developmental disorders and
pre-implantation genetic screening (PGS) services, today
highlighted two recent developments.
"Because information about our executive trading plans disclosed
in our Section 16 reports have not been widely understood and
certain financial portals have not posted our recent Form 8-K
filing with the Securities and Exchange Commission (SEC), we want
to make sure that our shareholders are aware of these
developments," said Mark McDonough, President and Chief Executive
Officer of CombiMatrix.
Rule 10b5-1 Trading Plans of CombiMatrix Section 16 Officers
In February 2014 and January 2015, the CEO and CFO of
CombiMatrix adopted Rule 10b5-1 trading plans under which a portion
of their vested restricted stock unit shares are automatically sold
solely to pay required applicable withholding taxes. The February
2014 restricted stock units vest in four equal annual installments
beginning February 20, 2015 and the January 2015 restricted stock
units vest in four equal annual installments beginning January 9,
2016. Accordingly, the next scheduled sales under these Rule
10b5-1 trading plans will occur within a few days after January 9,
2016 and February 20, 2016. Because of these Rule 10b5-1
trading plans and the nature of the annual vesting of the
restricted stock units, the CEO and CFO of CombiMatrix are
prohibited by the automatic provisions of Section 16(b) of the
Securities Exchange Act of 1934 from ever purchasing stock of
CombiMatrix while the Rule 10b5-1 trading plans are in place and
the restricted stock units are outstanding, without disgorgement of
profit to the Company.
Transaction Bonus Plan and Restated Executive Change of Control
Severance Plan
As disclosed in its Current Report on Form 8-K filed with the
SEC on December 7, 2015, CombiMatrix adopted a Transaction Bonus
Plan on December 2, 2015 that provides for certain bonus payments
to be made, upon the consummation of a qualifying change of control
transaction, to certain employees of CombiMatrix as shall be
determined from time to time by its Compensation Committee. On
December 7, 2015, CombiMatrix also amended and restated its
Restated Executive Change of Control Severance Plan (collectively,
the "Plans"). More information about the Plans can be found on
the Company's website at
http://investor.combimatrix.com/secfiling.cfm?filingID=1104659-15-83289
or on www.sec.gov.
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, miscarriage analysis, prenatal
and pediatric diagnostics, 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
(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," similar expressions, and variations or negatives of
these words and include, but are not limited to, statements
regarding determinations under the Transaction Bonus Plan and
management's Rule 10b5-1 plans. 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 availability of
strategic alternatives; the continuation of management's Rule
10b5-1 plans and any future grants of restricted stock units; our
ability to successfully market our CombiPGS and other diagnostic
test offerings in the state of New York, to successfully expand the
base of our customers and strategic partners, add to the menu of
our diagnostic tests, develop and introduce new tests and related
reports, expand and improve our current suite of services, optimize
the reimbursements received for our microarray testing services,
and increase operating margins by improving overall productivity
and expanding sales volumes; our ability to successfully accelerate
sales, steadily increase the size of our customer rosters in both
prenatal and developmental genetic testing markets; our
ability to attract and retain a qualified sales force in wider
geographies; our ability to ramp production from our sales force
and our strategic partners; rapid technological change in our
markets; changes in demand for our future services; legislative,
regulatory and competitive developments; the outcome of pending
litigation; 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 Relations Contact:
LHA
Jody Cain
(310) 691-7100
jcain@lhai.com
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