IRVINE, Calif., Oct. 8, 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, Three Rivers Provider Network (TRPN), for coverage of its diagnostic laboratory services.
TRPN is an international network with a global arm called World PPO that provides health care access to more than 100 million members, including 15 million in the U.S. These members now have access to CombiMatrix's suite of molecular diagnostic solutions and comprehensive clinical support – specializing in prenatal, miscarriage and pediatric healthcare.
"We are very happy to enhance our coverage for our members and the addition of CombiMatrix's advanced diagnostic laboratory services is an important new offering for us in the area of prenatal and pediatric health," said Christopher Quintana, Chief Operating Officer for TRPN. "We look forward to working closely with CombiMatrix."
CombiMatrix Chief Executive Officer Mark McDonough noted that the addition of the extensive TRPN network is another milestone for the Company. The partnership will also add new marketing and distribution support, he added.
McDonough said, "TRPN is a well-respected brand and now it has more extensive coverage globally, which means much wider access to our entire portfolio of testing services, including our CombiSNP chromosomal microarray test."
About Three Rivers Provider Network
Three Rivers Provider Network has evolved into the largest and fastest-growing proprietary PPO network in the U.S. The TRPN network is comprised of more than 600,000 total providers, including more than 5,000 hospitals and 70,000 ancillary facilities. Through its clients, more than 15 million people have access to the TRPN PPO network.
Coupled together with World PPO, the global arm of TRPN, they provide access to some of the most internationally acclaimed healthcare providers representing more than 1.5 million healthcare locations spanning the globe and its combined membership accessing the healthcare network exceeds a global population of 100 million. For more information please visit www.worldnewsmd.com
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: use of our services by TRPN members; 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.
Company Contact: Mark McDonough President & CEO, CombiMatrix Corporation Tel (949) 753-0624 Media Contact: Len Hall VP, Media Relations Allen & Caron Tel (949) 474-4300
