The accompanying table (click to enlarge) includes statistics for all 40 companies included in the ETF Innovators Emerging Diagnostics Index of stocks with market caps of less than $150M and an average market value of $50M. The index has lost nearly 54% of its value in the past year, compared to declines of about 40% each for the S&P 500 SPDR ETF (SPY) + iShares Russell Micro-Cap ETF (IWC), 29% for the Healthcare Sector SPDR (XLV), and 15% for the SPDR S&P Biotech ETF (XBI).
The index includes diabetes care device makers such as
Home Diagnostics (HDIX), personalized medicine lab service providers such as
Clarient (CLRT), clinical diagnostic test developers such as
OraSure (OSUR), diagnostic imaging service providers such as Nighthawk Radiology (NHWK), diagnostic equipment makers such as Vision Sciences (VSCI), and genetic analysis + molecular diagnostic companies such as
Nanosphere (NSPH).
CombiMatrix (CBMX) is a spin-off company from Acacia Research (ACTG), which has operated independently since August 2007 as a developer of DNA MicroArrays for lab-based personalized medicine applications to improve treatement outcomes,
which are exempt from the more time-consuming and costly route of FDA approval as in vitro diagnostic products. The tests are also affordable, with a target price of $250-$300 on average.
While CBMX is not yet profitable, the Company is set to receive a $36M cash windfall from a court judgment against National Union for a coverage claim (an AIG company) and has enough cash to fund operations until this money is received.
