UPDATE 2-CombiMatrix says to stop efforts to sell co, assets

* Will focus on growing diagnostics services business

* Search for new CEO continues

* Shares down 13 pct
(Updates share movement)

June 1 (BestGrowthStock) – Biotechnology firm CombiMatrix Corp
(CBMX.O: ) said it was ending its efforts to find a potential
buyer for the company or its assets, sending its shares down as
much as 13 percent to their life-time low.

The company said it would now focus exclusively on
building and growing the diagnostics services business.

For the past several months, CombiMatrix has had
discussions with parties about a sale of the company or its
assets, it said in a statement.

In April, the company said its chief executive officer
would resign as a part of a restructuring plan to significantly
cut operating costs. [ID:nSGE63I0LY]

The company was well into implementing its plan and was
looking for a replacement for CEO Amit Kumar, it said.

Shares of the company were down 10 percent at $2.47 in
morning trade on Nasdaq. They touched a low of $2.38 earlier in
the session.

Stocks

(Reporting by Shailesh Kuber in Bangalore; Editing by Aradhana
Aravindan)

UPDATE 2-CombiMatrix says to stop efforts to sell co, assets