CombiMatrix Announces Payor Contract With InterWest Health
March 19 2015 - 8:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for pre- and
postnatal developmental disorders and pre-implantation genetic
screening, today announced it has entered into a contractual
agreement with InterWest Health, LLC ("InterWest") for coverage of
CombiMatrix's suite of diagnostic laboratory services. InterWest is
the largest and most comprehensive network available in the
northwest region of the Unites States, consisting of over 25,000
hospitals, physicians and other providers. InterWest contracts with
providers in Montana, Idaho, Washington, North Dakota, South Dakota
and Wyoming.
With the addition of InterWest, CombiMatrix now has in-network
coverage with seven PPO plans, including America's Choice
Provider Network, FedMed, Fortified Provider Network, Multiplan,
Stratose, and Three Rivers Provider Network. Together with
CombiMatrix's existing commercial insurance contracts, these
managed care organizations provide access to more than 150 million
insured lives.
"As we continue to expand our commercial organization into new
markets like the Pacific Northwest, it is important for us to
partner with comprehensive networks like InterWest," said Mark
McDonough, President and Chief Executive Officer of CombiMatrix.
"This relationship is a result of our continued focus on executing
our third-party payor strategy to deliver microarray technologies
to doctors and patients nationwide, and enables us to offer our
suite of diagnostic services, including CombiSNP™ Microarray
Analysis, to the members of InterWest. Their ultimate goal, as is
ours, is to ensure that the end-user patients are able to receive
excellent care in the location of their choice from high quality
providers, all at a cost that is both acceptable and attractive to
their payor clients and providers. This is yet another example that
our continued investment in our payer relations team over the past
few months is working."
About InterWest Health, LLC
InterWest Health, LLC is a preferred provider organization that
strives to be of service to its participating providers by
negotiating contracts with payors that are responsive to the needs
of the medical community. Through the use of InterWest's PPO
network, payors can have access to the largest, most comprehensive
network in its geographic region at prices which are competitive
with other payors in the local marketplace. Access to InterWest's
contracted payors represents over 110,000 enrollees in their
service area. InterWest is different from other PPO networks in
that it is not aligned with a particular hospital or insurance
company. It is an independent preferred provider organization aimed
at serving the needs of payors that desire access to a broad-based,
cost-effective delivery system to support their health benefit
plans.
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 screening (PGS), prenatal diagnosis,
miscarriage analysis, and pediatric genetics, 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 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 InterWest's
provider network. 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
InterWest clients; our ability to expand into new geographic
markets, our ability to execute on our third-party payor strategy,
market acceptance of CMA as a superior method of molecular
diagnostic testing; 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
(949) 753-0624
Investor Contact:
Robert Flamm, Ph.D.
Russo Partners, LLC
(212) 845-4226
robert.flamm@russopartnersllc.com
Media Contact:
David Schull or Lena Evans
Russo Partners LLC
(212) 845-4271
(212) 845-4262
david.schull@russopartnersllc.com
lena.evans@russopartnersllc.com
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