IRVINE, Calif., Jan. 23, 2014 (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 Galaxy Health Network for coverage of CombiMatrix's diagnostic laboratory services.
Galaxy Health Network, based in Arlington, TX, has a provider base of more than 400,000 directly contracted physicians, 2,700 hospitals and 47,000 ancillary providers. Its member base has currently more than 3.5 million covered lives. These members now have access to CombiMatrix's suite of molecular diagnostic solutions and comprehensive clinical support – specializing in prenatal, miscarriage and pediatric healthcare.
Mark McDonough, President and Chief Executive Officer of CombiMatrix, noted that the partnership with Galaxy is another opportunity for CombiMatrix to broaden its payor geographic reach. "This agreement further expands our reach throughout the country providing much wider access to our entire portfolio of testing services, including our CombiSNP chromosomal microarray test.
"Our partnership with Galaxy allows us to jointly educate physicians in the Galaxy network about the advantages of chromosomal microarray testing," McDonough said. "We believe our services are a vital addition to important health networks like Galaxy and look forward to a significant and growing commercial and clinical relationship."
About Galaxy Health Network
Privately-held Galaxy Health Network was founded as Managed Care Inc. in 1993 through the purchase of the assets of AUGNET, a California-based Preferred Provider Organization. In 1998, Managed Care Inc changed the name of its provider network to Galaxy Health Network. Today, Galaxy Health Network has grown its provider base to over 400,000 physicians, 2,700 hospitals and 47,000 ancillary providers – all directly contracted, and brings together Managed Care Professionals with over five decades of collective experience for the purpose of providing expert assistance and guidance in the containment of medical costs.
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 Galaxy Health Network physicians. 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 Galaxy Health Network physicians; 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.
Company Contact: Mark McDonough President & CEO, CombiMatrix Corporation Tel (949) 753-0624 Investor Contact: Matt Clawson Partner Allen & Caron Tel (949) 474-4300 Media Contact: Len Hall VP, Media Relations Allen & Caron Tel (949) 474-4300
