IRVINE, Calif., March 19, 2015 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company specializing in DNA-based testing services for pre- and postnatal developmental disorders and pre-implantation genetic screening, today announced it has entered into a contractual agreement with InterWest Health, LLC ("InterWest") for coverage of CombiMatrix's suite of diagnostic laboratory services. InterWest is the largest and most comprehensive network available in the northwest region of the Unites States, consisting of over 25,000 hospitals, physicians and other providers. InterWest contracts with providers in Montana, Idaho, Washington, North Dakota, South Dakota and Wyoming.
With the addition of InterWest, CombiMatrix now has in-network coverage with seven PPO plans, including America's Choice Provider Network, FedMed, Fortified Provider Network, Multiplan, Stratose, and Three Rivers Provider Network. Together with CombiMatrix's existing commercial insurance contracts, these managed care organizations provide access to more than 150 million insured lives.
"As we continue to expand our commercial organization into new markets like the Pacific Northwest, it is important for us to partner with comprehensive networks like InterWest," said Mark McDonough, President and Chief Executive Officer of CombiMatrix. "This relationship is a result of our continued focus on executing our third-party payor strategy to deliver microarray technologies to doctors and patients nationwide, and enables us to offer our suite of diagnostic services, including CombiSNP™ Microarray Analysis, to the members of InterWest. Their ultimate goal, as is ours, is to ensure that the end-user patients are able to receive excellent care in the location of their choice from high quality providers, all at a cost that is both acceptable and attractive to their payor clients and providers. This is yet another example that our continued investment in our payer relations team over the past few months is working."
About InterWest Health, LLC
InterWest Health, LLC is a preferred provider organization that strives to be of service to its participating providers by negotiating contracts with payors that are responsive to the needs of the medical community. Through the use of InterWest's PPO network, payors can have access to the largest, most comprehensive network in its geographic region at prices which are competitive with other payors in the local marketplace. Access to InterWest's contracted payors represents over 110,000 enrollees in their service area. InterWest is different from other PPO networks in that it is not aligned with a particular hospital or insurance company. It is an independent preferred provider organization aimed at serving the needs of payors that desire access to a broad-based, cost-effective delivery system to support their health benefit plans.
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 screening (PGS), prenatal diagnosis, miscarriage analysis, 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 InterWest's provider network. 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 InterWest clients; our ability to expand into new geographic markets, our ability to execute on our third-party payor strategy, 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.
CONTACT: Company Contact: Mark McDonough President & CEO, CombiMatrix Corporation (949) 753-0624 Investor Contact: Robert Flamm, Ph.D. Russo Partners, LLC (212) 845-4226 firstname.lastname@example.org Media Contact: David Schull or Lena Evans Russo Partners LLC (212) 845-4271 (212) 845-4262 email@example.com firstname.lastname@example.org