IRVINE, Calif., April 21, 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, has begun to explore strategic options including a range of potential M&A and business development opportunities to enhance shareholder value. As part of this effort, CombiMatrix has engaged Torreya Capital, a division of the Financial West Investment Group, Inc. (“Torreya”), to advise the Company and its Board of Directors in this effort.
“We are an established player in the diagnostics market and are building on our position as a leader in the growing in vitro fertilization and miscarriage analysis markets with diagnostic tests based on superior technology with clinical and industry support,” stated Mark McDonough, President and Chief Executive Officer of CombiMatrix. “We are executing on a strategy to drive test volume growth by adding new customers and are securing reimbursement contracts with major payors to assist in maintaining our strong collections rate.
“Armed with a strengthened balance sheet as a result of our recent capital raise, we believe now is the appropriate time to consider alternatives aimed at advancing our business plan, while continuing to grow organically,” added Mr. McDonough. “We are pleased to be working with the highly experienced team at Torreya and to tap into their expertise in identifying and evaluating opportunities that fit with our business. Among the possible alternatives include acquiring a company or technology that we can tuck in to our growing portfolio or helping another entity enhance its offering by leveraging our expertise and infrastructure. Although there can be no assurance that the exploration of any alternatives will result in CombiMatrix entering into or consummating a transaction, we are committed to enhancing shareholder value in the diagnostics services markets we serve.”
About Torreya Capital
Torreya Capital is a leading corporate finance advisory boutique serving companies in the life sciences industry. Torreya has advised on a number of successful M&A transactions in the diagnostics sector in recent years and brings strong expertise and knowledge of this sector.
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, statements regarding exploring alternatives in M&A and other business development opportunities, 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: the lack of availability of suitable alternatives; the risk that the exploration of any alternatives will not result in a transaction being entered into or consummated; market acceptance of our CombiPGD 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 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:|
|President & CEO, CombiMatrix Corporation||Jody Cain|
|(949) 753-0624||(310) 691-7100|