MUKILTEO, Wash., Sept. 15, 2008 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NasdaqGM:CBMX - News) announced that the United States District Court for the Central District of California has ordered National Union Fire Insurance Company (an AIG Company) (NYSE:AIG - News) to increase its bond from $36 million to $39.2 million. The current final judgment in favor of CombiMatrix is $35.7 million. This judgment is under appeal and will continue to earn interest until collected. The increased amount of the bond would provide additional coverage for accrued interest and other costs. National Union has until September 30, 2008 to increase its bond.

``A number of shareholders have noted the mounting problems with various financial institutions, including AIG,'' commented Dr. Amit Kumar, President and CEO of CombiMatrix Corporation. ``They have asked us what the consequences would be if AIG should suffer even more financial difficulties and perhaps not be in a position to pay our judgment. We want to note that, while National Union is an AIG company, the obligation to pay CombiMatrix belongs to National Union. In addition, while our case winds its way through the appeals process, the currently posted bond covers payment to us regardless of the financial condition of National Union or AIG. With an increased bond, our judgment of $35.7 million is fully covered, allowing for the increasing costs and interest that we anticipate,'' concluded Dr. Kumar.

ABOUT COMBIMATRIX CORPORATION

We are 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 oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. We make the arrays using our patented in situ electrochemical synthesis process, which provides the ability to easily change array content to stay current with new developments and to meet the evolving needs of our customers. 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. CMDX functions primarily as a diagnostics reference laboratory.

Additional information about CombiMatrix Corporation is available at http://www.combimatrix.com or by calling 1-800-985-CBMX (2269). Additional information about CMDX is available at http://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.

          CombiMatrix Corporation
          Amit Kumar, Ph.D., President & CEO
          (425) 493-2000
          Fax (425) 493-2010