CombiMatrix Announces Payor Contract With Fortified Provider Network
February 23 2015 - 8:00AM
CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for pre- and
postnatal developmental disorders, today announced it has entered
into a contractual agreement with Fortified Provider Network
("FPN") for coverage of CombiMatrix's suite of diagnostic
laboratory services.
FPN has over 200 payor clients nationwide and contracts with
physicians, hospitals, ancillary facilities, mid-level providers
and other specialty healthcare providers who have the option of
participating in one or more of their products (e.g., group health,
workers compensation or auto liability).
"Our contract with Fortified Provider Network is a result of our
continued focus on executing our third-party payor strategy to
deliver microarray technologies to doctors and patients
nationwide," said Mark McDonough, President and Chief Executive
Officer of CombiMatrix. "This contract enables us to offer our
suite of diagnostic services, including CombiSNP™ Microarray
Analysis, to the members of FPN, whose ultimate goal is 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. We have invested in Payer Relations over the past few
months and securing the Fortified Provider Network contract is of
significant benefit to us, and validates that our strategy is
taking hold."
About Fortified Provider Network
Fortified Provider Network (FPN) was founded in 1997 in
Scottsdale, Arizona for the purpose of creating an all
direct-contracted network of preferred providers for their group
health clients. Given their superior results in the group health
arena, FPN expanded over the years to offer workers' compensation
and auto liability networks. FPN offers the utilization of its
network to its payor clients and members who, in turn, are able to
capitalize on the discounted fee schedules FPN has negotiated with
its healthcare providers. FPN's expertise comes from over 18 years
of managing a preferred provider network as well as general
healthcare industry experience. Their company is structured so that
they are able to provide personalized, focused service for each of
their providers. For more information about Fortified Provider
Network, visit http://www.fortifiedprovider.com.
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 miscarriage
analysis, prenatal testing 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 Fortified
Provider Network's payor clients. 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 FPN
clients; 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
Media Contact:
David Schull or Lena Evans
Russo Partners LLC
(212) 845-4271
(212) 845-4262
david.schull@russopartnersllc.com
lena.evans@russopartnersllc.com
Investor Contact:
Robert Flamm, Ph.D.
Russo Partners, LLC
(212) 845-4226
robert.flamm@russopartnersllc.com
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