IRVINE, Calif., Aug. 16, 2016 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ: CBMX ), a family health molecular diagnostics company specializing in DNA-based reproductive health and pediatric testing services, notes that Health Care Service Corporation (HCSC) has issued a medical policy to include reimbursement for chromosomal microarray analysis for the evaluation of pregnancy loss. HCSC is the largest customer-owned health insurance company in the United States. HCSC operates through Blue Cross and Blue Shield of Illinois, Blue Cross and Blue Shield of Montana, Blue Cross and Blue Shield of New Mexico, Blue Cross and Blue Shield of Oklahoma, and Blue Cross and Blue Shield of Texas.
“There are now at least 20 health insurance providers this year that have revised their medical policies to include coverage for recurrent pregnancy loss testing,” said Mark McDonough, President and Chief Executive Officer of CombiMatrix. “The accumulation of clinical data supporting the use of microarray analysis in providing important information to women who have suffered multiple miscarriages is certainly a supporting factor in these revised coverage decisions. We are especially pleased to report that 5 additional Blue Cross and Blue Shield plans in states where we continue to have commercial success have decided in favor of coverage. We expect this positive coverage decision trend to continue.
“Miscarriage analysis testing is a key part of our business and we are seeing the initial benefits of these coverage decisions,” McDonough added. “We reported a 33% revenue increase from miscarriage analysis testing for the first half of this year driven mainly by higher average revenue per test, which is in part related to these favorable coverage decisions. We are very encouraged by these trends and with the healthcare plans’ decision based on the data and evidence to cover a test that adds tremendous value to clinicians and to grieving parents who benefit from the information that microarray testing can provide.”
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 pre-implantation genetic diagnostics and screening, miscarriage analysis, prenatal and pediatric diagnostics, 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 (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," “possible,” “aimed,” "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, projected results of operations and management's future business, operational and strategic plans, recruiting efforts and test menu expansion. 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: whether additional health plans will make similar policy changes to the tests they reimburse; whether such reversals will have a material impact on our revenues or results from operations, market acceptance of our suite of molecular diagnostic test; our ability to successfully expand the base of our customers and strategic partners, add to the menu of our diagnostic tests, develop and introduce new tests and related reports, expand and improve our current suite of services, optimize the reimbursements received for our microarray testing services, and increase operating margins by improving overall productivity and expanding sales volumes; our ability to successfully accelerate sales, steadily increase the size of our customer rosters in IVF, miscarriage analysis, prenatal and pediatric genetic testing markets; our ability to attract and retain a qualified sales force in wider geographies; our ability to ramp production from our sales force and our strategic partners; rapid technological change in our markets; changes in demand for our future services; legislative, regulatory and competitive developments; the outcome of pending litigation; 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 Relations Contact: LHA Jody Cain (310) 691-7100 jcain@lhai.com |
