IRVINE, Calif., July 23, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based testing services for developmental disorders and cancer diagnostics, today announced that it has entered into a contractual agreement with the health insurer, Blue Shield of California (BSCA), for coverage of its diagnostic laboratory services.
Blue Shield of California is the third largest health insurance carrier in the state, adding over 3 million covered lives and enabling its members access to CombiMatrix's valuable molecular diagnostic solutions and comprehensive clinical support – specializing in prenatal, miscarriage and pediatric healthcare. Combined with CombiMatrix's existing Multiplan contract, this agreement increases access to its services to over 60 million covered lives.
"With compelling data supporting the adoption of our CombiSNP chromosomal microarray, we are gaining traction in the marketplace. We are excited that our agreement with Blue Shield of California will provide its patients and treating physicians with direct access to our entire portfolio of testing services," stated Mark McDonough, President and CEO of CombiMatrix. "The BSCA contract not only increases patient access, but as importantly, facilitates streamlined reimbursement, further supporting the rapid growth of our company."
Two large National Institute of Health (NIH) studies, recently published in the New England Journal of Medicine, concluded that chromosomal microarray tests for miscarriage management and prenatal genetic testing identify additional clinically significant genetic abnormalities, improving upon the historical method of karyotyping. CombiMatrix's CombiSNP chromosomal microarray test leverages this cutting edge technology to deliver improved patient care.
About Blue Shield of California
Blue Shield of California, an independent member of the Blue Cross Blue Shield Association, is a not-for-profit health plan with 5,000 employees and $10.5 billion in annual revenue. Founded in 1939 and headquartered in San Francisco, Blue Shield of California provides health, life, dental, vision, and Medicare insurance and health care service plans in California.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support for the highest quality of care – specializing in miscarriage analysis, prenatal and pediatric healthcare. CombiMatrix offers comprehensive testing services for the detection of genetic abnormalities at the DNA level, beyond what can be identified through traditional methodologies. The Company performs genetic testing utilizing advanced technologies, including microarray, FISH, PCR and G-Band chromosome analyses. Additional information about CombiMatrix is available at www.combimatrix.com or by calling 1-800-710-0624.
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," "objective," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding the advantages and efficacy of CMA over standard karyotyping. 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: market acceptance of CMA as a preferred method over karyotyping; the rate of transition to CMA from karyotyping; our ability to successfully expand the base of our customers and strategic partners, add to the menu of our diagnostic tests in both of our primary markets, develop and introduce new tests and related reports, optimize the reimbursements received for our testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, allow access to samples earlier in the testing continuum, steadily increase the size of our customer rosters in both developmental medicine and oncology; our ability to attract and retain a qualified sales force; rapid technological change in our markets; changes in demand for our future products; legislative, regulatory and competitive developments; 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.