CombiMatrix Announces Contract With Blue Shield of California for Coverage of 3 Million Members
23 Julio 2013 - 5:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for
developmental disorders and cancer diagnostics, today announced
that it has entered into a contractual agreement with the health
insurer, Blue Shield of California (BSCA), for coverage of its
diagnostic laboratory services.
Blue Shield of California is the third largest health insurance
carrier in the state, adding over 3 million covered lives and
enabling its members access to CombiMatrix's valuable molecular
diagnostic solutions and comprehensive clinical support –
specializing in prenatal, miscarriage and pediatric healthcare.
Combined with CombiMatrix's existing Multiplan contract, this
agreement increases access to its services to over 60 million
covered lives.
"With compelling data supporting the adoption of our CombiSNP
chromosomal microarray, we are gaining traction in the marketplace.
We are excited that our agreement with Blue Shield of California
will provide its patients and treating physicians with direct
access to our entire portfolio of testing services," stated Mark
McDonough, President and CEO of CombiMatrix. "The BSCA
contract not only increases patient access, but as importantly,
facilitates streamlined reimbursement, further supporting the rapid
growth of our company."
Two large National Institute of Health (NIH) studies, recently
published in the New England Journal of Medicine, concluded that
chromosomal microarray tests for miscarriage management and
prenatal genetic testing identify additional clinically significant
genetic abnormalities, improving upon the historical method of
karyotyping. CombiMatrix's CombiSNP chromosomal microarray test
leverages this cutting edge technology to deliver improved patient
care.
About Blue Shield of California
Blue Shield of California, an independent member of the Blue
Cross Blue Shield Association, is a not-for-profit health plan with
5,000 employees and $10.5 billion in annual revenue. Founded
in 1939 and headquartered in San Francisco, Blue Shield of
California provides health, life, dental, vision, and Medicare
insurance and health care service plans in California.
About CombiMatrix Corporation
CombiMatrix Corporation provides valuable molecular diagnostic
solutions and comprehensive clinical support for the highest
quality of care – specializing in miscarriage analysis, prenatal
and pediatric healthcare. CombiMatrix offers comprehensive testing
services for the detection of genetic abnormalities at the DNA
level, beyond what can be identified through traditional
methodologies. The Company performs genetic testing utilizing
advanced technologies, including microarray, FISH, PCR and G-Band
chromosome analyses. 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.
CONTACT: Company Contact:
Mark McDonough
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
len@allencaron.com
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