IRVINE, Calif., March 29, 2016 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (NASDAQ:CBMX), a molecular diagnostics company specializing in DNA-based testing services for prenatal and postnatal developmental disorders and pre-implantation genetic screening services, announces that global health provider Cigna Health Services, Blue Cross Blue Shield of North Carolina, Premera Blue Cross Blue Shield and Life Wise of Oregon, an affiliate of Premera, have all revised their medical policies to include chromosomal microarray testing as medically necessary for the evaluation of recurrent pregnancy loss (i.e., two or more consecutive pregnancy losses). Since the beginning of 2016, six health plans have revised their medical policies to include coverage of recurrent pregnancy testing.
“We are highly encouraged by the increasing number of providers revising their medical policies to reimburse for recurrent pregnancy loss testing,” said CombiMatrix President and Chief Executive Officer Mark McDonough. “We see these decisions as recognition of the growing clinical support for chromosomal microarray testing in providing valuable information to women and their families about the reasons behind multiple miscarriages.
“We provide a chromosomal microarray test for miscarriage analysis and have a team of genetic counselors available to health plan providers to assist physicians and families in decision-making,” McDonough added. “We believe that revisions in the medical policies by these providers, and possibly by others to follow, will have a very positive impact on our fastest growing, best reimbursed component of our business, which is miscarriage analysis testing.”
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 diagnostics, miscarriage analysis for recurrent pregnancy loss, pediatric genetics and pre-implantation genetic screening, 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," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding 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 revised policy decisions will positively impact revenues and whether other payors will make similar policy decisions in the future; our ability to open new market opportunities for our tests; our ability to drive scientific advancement; 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 both prenatal and developmental 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: Investor Relations Contact:
Mark McDonough LHA
President & CEO, CombiMatrix Corporation Jody Cain
(949) 753-0624 (310) 691-7100