IRVINE, Calif., Feb. 23, 2015 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based testing services for pre- and postnatal developmental disorders, today announced it has entered into a contractual agreement with Fortified Provider Network ("FPN") for coverage of CombiMatrix's suite of diagnostic laboratory services.
FPN has over 200 payor clients nationwide and contracts with physicians, hospitals, ancillary facilities, mid-level providers and other specialty healthcare providers who have the option of participating in one or more of their products (e.g., group health, workers compensation or auto liability).
"Our contract with Fortified Provider Network is a result of our continued focus on executing our third-party payor strategy to deliver microarray technologies to doctors and patients nationwide," said Mark McDonough, President and Chief Executive Officer of CombiMatrix. "This contract enables us to offer our suite of diagnostic services, including CombiSNP™ Microarray Analysis, to the members of FPN, whose ultimate goal is ensure that the end-user patients are able to receive excellent care in the location of their choice from high quality providers, all at a cost that is both acceptable and attractive to their payor clients and providers. We have invested in Payer Relations over the past few months and securing the Fortified Provider Network contract is of significant benefit to us, and validates that our strategy is taking hold."
About Fortified Provider Network
Fortified Provider Network (FPN) was founded in 1997 in Scottsdale, Arizona for the purpose of creating an all direct-contracted network of preferred providers for their group health clients. Given their superior results in the group health arena, FPN expanded over the years to offer workers' compensation and auto liability networks. FPN offers the utilization of its network to its payor clients and members who, in turn, are able to capitalize on the discounted fee schedules FPN has negotiated with its healthcare providers. FPN's expertise comes from over 18 years of managing a preferred provider network as well as general healthcare industry experience. Their company is structured so that they are able to provide personalized, focused service for each of their providers. For more information about Fortified Provider Network, visit http://www.fortifiedprovider.com.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support to foster the highest quality in patient care. CombiMatrix specializes in miscarriage analysis, prenatal testing and pediatric genetics, offering DNA‑based testing for the detection of genetic abnormalities beyond what can be identified through traditional methodologies. CombiMatrix performs genetic testing utilizing a variety of advanced cytogenomic techniques, including chromosomal microarray, standardized and customized fluorescence in situ hybridization ("FISH") and high-resolution karyotyping. CombiMatrix is dedicated to providing high-level clinical support for healthcare professionals in order to help them incorporate the results of complex genetic testing into patient-centered medical decision making. 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 access to our services for Fortified Provider Network's payor clients. 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: use of our services by FPN clients; market acceptance of CMA as a superior method of molecular diagnostic testing; 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.