IRVINE, Calif., May 13, 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 Long Island Pathology (LI Path) is now offering its patients CombiMatrix's chromosomal microarray analysis (CMA) testing for miscarriage analysis. LI Path, based in East Setauket, New York, is a physician-led diagnostic pathology laboratory serving the New York, New Jersey and northeastern Pennsylvania areas.
LI Path, which is currently in the midst of an expansion initiative, is an established part of the regional clinical and anatomic pathology network in the Tri-State area around New York. Gynecologic pathology is one of LI Path's specialties.
"Patients are becoming much more advanced in their knowledge and awareness of how genetic testing can provide them important information about their pregnancies, and we are very excited to be able to offer CMA testing to help them understand the potential genetic cause of a failed pregnancy and factors for their continued efforts," said Hal Rose, Managing Partner of LI Path, which in addition to its main laboratory in East Setauket also has a satellite laboratory in Southampton, New York. LI Path provides testing for physicians, hospital laboratories, endoscopy centers and surgery centers. "We believe in the growing importance and clinical advantages of CMA and look forward to working with CombiMatrix."
CombiMatrix President and CEO Mark McDonough noted that the relationship with LI Path is an important part of the Company's strategy to build on its advantageous position and success in CMA testing and to focus on laboratory partnerships.
"Building relationships with regional labs like LI Path is a key part of our national growth strategy, particularly those that specialize in gynecological pathology," McDonough said. "Miscarriage analysis is a rapidly growing testing market and, as in other areas of prenatal genetic analysis, microarray analysis is becoming the standard of care."
Miscarriage analysis testing, also called Products of Conception testing, is a subset of the overall prenatal testing market. It allows OB/GYN physicians and clinicians to better determine if there is a genetic cause for a miscarriage or other related event.
About LI Path
LI Path is an independent diagnostic and consultative clinical and anatomic pathology laboratory located in East Setauket and Southampton, New York. LI Path is dedicated to providing top level diagnostic pathology services in a cost effective and efficient manner. The laboratory's pathologists are certified by the American Board of Pathology with multiple areas of sub-specialties and are active members of the community. Additional information about LI Path is available at www.lipath.com or by calling 1-(888)-454-7284
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 LI Path 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 LI Path patients; 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: Rene Caron President Allen & Caron Inc (949) 474-4300 Media Contact: David Schull or Lena Evans RussoPartners LLC (212) 845-4271
