CombiMatrix Announces Contract With FedMed National Provider Network
23 December 2013 - 10:00PM
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 for coverage of
its diagnostic laboratory services with FedMed, a national provider
network and healthcare financial services organization.
FedMed, based in Gaithersburg, Maryland, has a preferred
provider network that includes more than 550,000 physicians, 4,000
hospitals and 60,000 ancillary care providers nationwide. More than
40 million people have access to FedMed's preferred provider
network.
The new contract with FedMed provides its members access to
CombiMatrix's suite of molecular diagnostic solutions and
comprehensive clinical support specializing in prenatal,
miscarriage and pediatric healthcare.
"We believe this contract is another validation of our strategy
to partner with nationally known and respected provider networks
like FedMed, which connects us to a large group of physicians,
hospitals and ancillary care providers," said CombiMatrix CEO Mark
McDonough. "It also underscores the notion that physicians better
understand the value of the services we offer their patients,
particularly chromosomal microarray analysis or CMA. We expect the
recent endorsement of CMA from the American College of
Obstetricians and Gynecologists to continue to drive interest in
our services."
About FedMed
FedMed is a National Provider Network and Healthcare Financial
Services Organization. FedMed has developed innovative programs and
services for the healthcare provider community in conjunction with
large payors of healthcare services. FedMed's objective is to
provide significant measurable benefits to providers not available
from other provider networks and managed care organizations.
Traditional networks and payors are eager to negotiate and take
discounts, but less than eager to pay on time and quantify the
value of their contracts. FedMed's programs have been created to
specifically address these challenges. For more information about
FedMed, visit www.fedmedinc.com.
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 access to our services for FedMed members.
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 FedMed members; 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 Contact:
Matt Clawson
Partner
Allen & Caron
Tel (949) 474-4399
Matt@allencaron.com
Media Contact:
Len Hall
VP, Media Relations
Allen & Caron
Tel (949) 474-4300
len@allencaron.com
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