MUKILTEO, Wash., Jan 28, 2009 (GlobeNewswire via COMTEX News Network) -- CombiMatrix Corporation (Nasdaq:CBMX) announced today that Leuchemix provided additional information regarding the initial clinical trial of its novel anticancer drug LC-1. The initial trial is being performed at Cardiff University in the United Kingdom under the supervision of Professor Alan Burnett.
"We are delighted to be given the opportunity to initiate the clinical development of LC1 in Acute Myeloid Leukemia. The pre-clinical work undertaken by Dr. Craig Jordan and colleagues provides a compelling rationale for its use in AML. Studies conducted in our lab also suggest potential in other hematological cancers. Our trial has been underway for a few weeks, but is still in its early stages. So far the drug is well tolerated by patients," stated Professor Burnett.
Work from Professor Burnett's laboratory demonstrated that LC-1 may be valuable for in-patients that respond poorly to conventional therapy. Published in the Journal of Clinical Oncology and Clinical Cancer Research, the work has shown that LC-1 can block Rel A protein, resulting in the targeted killing of leukemia cells from CLL patients. Encouragingly, tests in the laboratory show the new drug is equally effective in treating the cells of patients that respond poorly to the current treatment, Fludarabine.
Dr. David Grant, Head of Research Information at Leukemia Research, says, "This work is very exciting because it shows how research can help doctors individualize treatments for patients. Results so far suggest that the new drug LC-1 could be particularly useful in patients who have previously responded badly to conventional chemotherapy."
CombiMatrix Corporation currently owns a one-third equity stake in Leuchemix, Inc. Dr. Amit Kumar, President and CEO of CombiMatrix stated, "We are pleased that the clinical trial has commenced and the drug to date is well tolerated by patients."
ABOUT COMBIMATRIX CORPORATION
CombiMatrix Corporation is a diversified biotechnology business, through the development of proprietary technologies, products and services in the areas of drug development, genetic analysis, molecular diagnostics, nanotechnology research, defense and homeland security markets, as well as other potential markets where our products and services could be utilized. The technologies we have developed include a platform technology to rapidly produce customizable, in-situ synthesized, oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. This 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. We have also developed the capabilities of producing arrays that utilize bacterial artificial chromosomes on our arrays, also enabling genetic analysis. Other technologies include proprietary molecular synthesis and screening methods for the discovery of potential new drugs. Combimatrix Molecular Diagnostics, Inc. ("CMDX"), our wholly owned subsidiary located in Irvine, California, has developed capabilities of producing arrays that utilize bacterial artificial chromosomes, which also enable genetic analysis.
Additional information about CombiMatrix Corporation is available at www.combimatrix.com or by calling 1-800-985 CBMX (2269). Additional information about CMDX is available at www.cmdiagnostics.com or by calling 1-800-710-0624.
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 recent 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.
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SOURCE: CombiMatrix Corporation
Lazar Partners Media Contact: Mark Sahl (646) 871-8485 firstname.lastname@example.org CombiMatrix Corporation Investor Relations Contact: Amit Kumar, Ph.D., President & CEO (425) 493-2000 Fax (425) 493-2010
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