IRVINE, Calif., Nov. 6, 2012 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for cancer and developmental disorders, today announced that it has entered into a strategic partnership with Pathology, Inc. whereby Pathology, Inc. will market and distribute CombiMatrix chromosomal microarray tests for the Products of Conception (POC) testing market in designated geographic areas. The POC testing market is a subset of the overall prenatal testing market.
The two-year agreement gives Pathology, Inc. the exclusive right to market or distribute the microarray tests on behalf of CombiMatrix in the states of California and Nevada and the St. Louis and Chicago metropolitan areas. Pathology, Inc. is a full-service, independent Women's Health laboratory based in Torrance, California.
POC testing allows OB/GYN physicians and other women's health clinicians to better determine if there is a genetic cause behind a miscarriage or multiple 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.
"This agreement allows us to better serve the POC market, a very important area of specialty for our physician customers and their patients," said Vicki DiFrancesco, President and CEO of Pathology, Inc. "Our commercial team, along with operational and analytical support of CombiMatrix, will result in broadening the use and acceptance of chromosomal microarray testing as a better solution. We believe this partnership will prove to be a beneficial expansion of services and customer access for both of our companies."
CombiMatrix President and CEO R. Judd Jessup noted that the agreement with Pathology, Inc. enables CombiMatrix to broaden its geographic reach and expand its access to the Women's Health market.
"Working closely with Pathology, Inc. allows us to immediately expand our marketing efforts in the prenatal market for POC testing throughout important areas like California and Nevada and densely populated metropolitan areas like St. Louis and Chicago," Jessup said. "Furthermore, this will improve our speed of access to Pathology, Inc.'s established customer base of OB/GYNs. Finally, we believe this agreement offers CombiMatrix and Pathology, Inc. the opportunity to educate the pathologists in their network about the advantages of using the POC test compared to the historic, traditional standard of karyotyping in the prenatal market."
The agreement calls for both companies to participate in sales force training and market development activities and indicates that Pathology, Inc. will generate a minimum amount of tests each quarter in order to maintain the exclusive arrangement.
About Pathology, Inc.
Pathology, Inc. is a full-service provider of anatomic and clinical pathology testing services, with a 30-year foundation in the Women's Health market. With expertise in molecular and digital pathology, the Company has built a solid reputation for quality and customer service with clients that include OB/Gyns, dermatologists, urologists, gastroenterologists, and family practitioners, as well as surgicenters, endoscopy centers, hospitals, and independent laboratories. Pathology, Inc. is located at three separate facilities; its Torrance headquarters, a second facility in Templeton, CA (Central Coast Clinical Laboratories) and a third laboratory in Monrovia, CA. All three facilities are CLIA certified and CAP accredited. Pathology, Inc.'s pathologists, through its association with Affiliated Pathologists Medical Group (APMG), are all board certified and have a variety of multi-specialty interests and expertise, as well as extensive cumulative experience in outpatient pathology. Pathology, Inc. has provided pathology services to physician offices and pathologists for over 25 years.
About CombiMatrix Corporation
CombiMatrix Corporation, through its wholly owned subsidiary, CombiMatrix Molecular Diagnostics, Inc. (CMDX), is a molecular diagnostics laboratory which offers DNA-based testing services to the prenatal, pediatric and oncology markets. The Company performs genetic testing utilizing Microarray, FISH, PCR and G-Band Chromosome Analysis. CMDX offers prenatal and pediatric testing services for the detection of abnormalities of genes at the DNA level beyond what can be identified through traditional technologies. CMDX was also the first commercial clinical laboratory in the United States to make comprehensive DNA-based genomic analysis of solid tumors, including breast, colon, lung, prostate and brain tumors, available to oncology patients and medical professionals. Additional information about CMDX is available at www.cmdiagnostics.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," 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, momentum of our pre-natal and pediatric businesses, test menu expansion, services and reports development and attracting greater prenatal genetic screening business. 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: 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, steadily increase the size of our customer rosters in both developmental medicine and oncology; lack of growth in the developmental markets; our ability to attract and retain a qualified sales force; rapid technological change in our markets; changes in demand for our future products; the ability of microarray technology to become the standard of care; 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: R. Judd Jessup President & CEO, CombiMatrix Corporation Tel (949) 753-0624 Investor Relations Contact: John Baldissera BPC Financial Marketing Tel (800) 368-1217 Media Contact: Len Hall VP, Media Relations Allen & Caron Tel (949) 474-4300 email@example.com