IRVINE, Calif., Dec. 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 for coverage of its diagnostic laboratory services with FedMed, a national provider network and healthcare financial services organization.
FedMed, based in Gaithersburg, Maryland, has a preferred provider network that includes more than 550,000 physicians, 4,000 hospitals and 60,000 ancillary care providers nationwide. More than 40 million people have access to FedMed's preferred provider network.
The new contract with FedMed provides its members access to CombiMatrix's suite of molecular diagnostic solutions and comprehensive clinical support specializing in prenatal, miscarriage and pediatric healthcare.
"We believe this contract is another validation of our strategy to partner with nationally known and respected provider networks like FedMed, which connects us to a large group of physicians, hospitals and ancillary care providers," said CombiMatrix CEO Mark McDonough. "It also underscores the notion that physicians better understand the value of the services we offer their patients, particularly chromosomal microarray analysis or CMA. We expect the recent endorsement of CMA from the American College of Obstetricians and Gynecologists to continue to drive interest in our services."
About FedMed
FedMed is a National Provider Network and Healthcare Financial Services Organization. FedMed has developed innovative programs and services for the healthcare provider community in conjunction with large payors of healthcare services. FedMed's objective is to provide significant measurable benefits to providers not available from other provider networks and managed care organizations. Traditional networks and payors are eager to negotiate and take discounts, but less than eager to pay on time and quantify the value of their contracts. FedMed's programs have been created to specifically address these challenges. For more information about FedMed, visit www.fedmedinc.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 access to our services for FedMed members. 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 FedMed 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 Investor Contact: Matt Clawson Partner Allen & Caron Tel (949) 474-4399 Media Contact: Len Hall VP, Media Relations Allen & Caron Tel (949) 474-4300
