CombiMatrix Notes Decision by Health Care Service Corporation to Reimburse for Recurrent Pregnancy Loss Testing
August 16 2016 - 6:00AM
CombiMatrix Corporation (NASDAQ:CBMX), a family health molecular
diagnostics company specializing in DNA-based reproductive health
and pediatric testing services, notes that Health Care Service
Corporation (HCSC) has issued a medical policy to include
reimbursement for chromosomal microarray analysis for the
evaluation of pregnancy loss. HCSC is the largest customer-owned
health insurance company in the United States. HCSC operates
through Blue Cross and Blue Shield of Illinois, Blue Cross and Blue
Shield of Montana, Blue Cross and Blue Shield of New Mexico, Blue
Cross and Blue Shield of Oklahoma, and Blue Cross and Blue Shield
of Texas.
“There are now at least 20 health insurance
providers this year that have revised their medical policies to
include coverage for recurrent pregnancy loss testing,” said Mark
McDonough, President and Chief Executive Officer of CombiMatrix.
“The accumulation of clinical data supporting the use of microarray
analysis in providing important information to women who have
suffered multiple miscarriages is certainly a supporting factor in
these revised coverage decisions. We are especially pleased
to report that 5 additional Blue Cross and Blue Shield plans in
states where we continue to have commercial success have decided in
favor of coverage. We expect this positive coverage decision
trend to continue.
“Miscarriage analysis testing is a key part of
our business and we are seeing the initial benefits of these
coverage decisions,” McDonough added. “We reported a 33% revenue
increase from miscarriage analysis testing for the first half of
this year driven mainly by higher average revenue per test, which
is in part related to these favorable coverage decisions. We are
very encouraged by these trends and with the healthcare plans’
decision based on the data and evidence to cover a test that adds
tremendous value to clinicians and to grieving parents who benefit
from the information that microarray testing can provide.”
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, 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: whether additional health
plans will make similar policy changes to the tests they reimburse;
whether such reversals will have a material impact on our revenues
or results from operations, market acceptance of our suite of
molecular diagnostic 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 IVF, miscarriage analysis, prenatal and
pediatric 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.
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Company
Contact:Mark McDonoughPresident & CEO, CombiMatrix
Corporation(949) 753-0624
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Investor Relations Contact:LHAJody Cain(310)
691-7100jcain@lhai.com |
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