IRVINE, Calif., and NEW YORK, Aug. 13, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq: CBMX ), a molecular diagnostics company specializing in DNA-based testing services for developmental disorders and cancer diagnostics, and Manhattan Labs jointly announced today that they have entered into a strategic partnership under which Manhattan Labs will market and distribute CombiMatrix microarray tests for the miscarriage management testing market in the New York City metropolitan area. The partnership was enabled by the announcement in late June that CombiMatrix miscarriage management tests had received conditional approval from the New York State Department of Health for testing on patient samples within the state.
Manhattan Labs is a high-end, independent clinical laboratory that serves the New York City metropolitan area. Women's health, particularly obstetrics and reproductive issues, is one of Manhattan Lab's specialties, noted Chief Executive Officer Ken Cerney.
"Our goal is to be the premier, full-service independent clinical laboratory in the New York City area," Cerney said. "Our labs offer the highest quality testing for all patients and now we have added a new focus on miscarriage management. We believe adding the operational and analytical support of CombiMatrix will be beneficial to our physician customers and their patients, and will expand the breadth of services we provide. We also believe in the growing importance and clinical advantages microarray testing provides for appropriate patients and look forward to working in partnership with CombiMatrix."
Miscarriage management testing, a subset of the overall prenatal testing market, allows OB/GYN physicians and clinicians to better determine if there is a genetic cause for a miscarriage or other related events. As in other areas of prenatal genetic analysis, microarray testing is believed by many to be the coming standard of care as it identifies a greater number of possible genetic abnormalities more accurately than traditional methods.
CombiMatrix President and Chief Executive Officer Mark McDonough noted that this partnership with Manhattan Labs enables CombiMatrix to broaden the geographic reach of its leading growth product into the important New York metropolitan area. At the same time, the partnership demonstrates that microarray testing is gaining acceptance as a preeminent diagnostic in the field of high quality women's health.
"Clinical data is showing that, in terms of women's health, microarray testing is quickly becoming the standard of care for miscarriage management testing," McDonough said. "For CombiMatrix, our goal is to partner with the very best and most respected independent labs around the country and we are excited to be teaming up with such an important company as Manhattan Labs. Adding its marketing and distribution support to our own internal sales efforts promises to be very beneficial to our growth and prosperity."
About Manhattan Labs
Manhattan Physicians Laboratories, LLC ("Manhattan Labs") was founded in 2008 with the goal of creating the premier service-oriented, high-quality independent clinical laboratory in New York City and the surrounding tri-state area. Combining the latest in clinical laboratory technology, personalized service, exceptional turnaround time and easy-to-access results, Manhattan Labs is continuing to elevate the standards and set a new benchmark of service in the laboratory industry. www.ManhattanLabs.com
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic solutions and comprehensive clinical support for the highest quality of care. CombiMatrix specializes in miscarriage analysis, prenatal and pediatric healthcare, 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 microarray, standardized and customized FISH, and high resolution karyotyping. 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 advantages and efficacy of CMA over standard karyotyping. 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: 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.
CombiMatrix Contact: Mark McDonough President & CEO, CombiMatrix Corporation Tel (949) 753-0624 Media Contact: Len Hall VP, Media Relations Allen & Caron Tel (949) 474-4300 Investor Relations Contact: John Baldissera BPC Financial Marketing Tel (800) 368-1217 For Manhattan Labs inquiries: Laura Johnson Manhattan Labs 212-874-0500
