IRVINE, Calif., June 25, 2015 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq: CBMX ), a molecular diagnostics company specializing in DNA-based diagnostic services for prenatal, postnatal, and pre-implantation genetic screening, today announced that it has hired seven sales representatives since June 1, 2015, and plans to add four more individuals to the team in Q3 of 2015. The Company also is adding professionals in key positions in other revenue-generating departments, including billing and reimbursement, genetic counseling and in the laboratory.
"Given the momentum in our test volume and our success in diagnostic test cash collections, we believe this is an opportune time to increase our sales team and accelerate our entry into new, promising territories," said Mark McDonough, President and Chief Executive Officer of CombiMatrix. "Our decision to move up the timing of new sales force hires was based on both the growing demand we've seen in the territories we've invested in and the sustained growth in our more established territories. We are supporting our field representatives with a newly hired inside sales organization to assist in optimizing utilization of our tests in current hospital accounts and to reach more physician call point targets.
"Our sales force expansion fits our overall focus on increasing test volume and growing revenues, and provides us with greater opportunities to capitalize on the anticipated growth in the markets we serve. We expect to end 2015 with a sales organization that is nearly doubled in size compared to the beginning of the year," he added.
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 prenatal diagnosis, miscarriage analysis for recurrent pregnancy loss, pediatric genetics and pre-implantation genetic screening (PGS), 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. 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: 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 (949) 753-0624 Investor Contact: LHA Jody Cain 310-691-7100 Media Contact: Russo Partners LLC David Schull or Lena Evans (212) 845-4271
