CombiMatrix Provides Strategic Update
April 21 2016 - 6:00AM
CombiMatrix Corporation (NASDAQ:CBMX), a molecular diagnostics
company specializing in DNA-based testing services for prenatal and
postnatal developmental disorders and pre-implantation genetic
screening services, has begun to explore strategic options
including a range of potential M&A and business development
opportunities to enhance shareholder value. As part of this effort,
CombiMatrix has engaged Torreya Capital, a division of the
Financial West Investment Group, Inc. (“Torreya”), to advise the
Company and its Board of Directors in this effort.
“We are an established player in the diagnostics
market and are building on our position as a leader in the growing
in vitro fertilization and miscarriage analysis markets with
diagnostic tests based on superior technology with clinical and
industry support,” stated Mark McDonough, President and Chief
Executive Officer of CombiMatrix. “We are executing on a
strategy to drive test volume growth by adding new customers and
are securing reimbursement contracts with major payors to assist in
maintaining our strong collections rate.
“Armed with a strengthened balance sheet as a
result of our recent capital raise, we believe now is the
appropriate time to consider alternatives aimed at advancing our
business plan, while continuing to grow organically,” added Mr.
McDonough. “We are pleased to be working with the highly
experienced team at Torreya and to tap into their expertise in
identifying and evaluating opportunities that fit with our
business. Among the possible alternatives include acquiring a
company or technology that we can tuck in to our growing portfolio
or helping another entity enhance its offering by leveraging our
expertise and infrastructure. Although there can be no assurance
that the exploration of any alternatives will result in CombiMatrix
entering into or consummating a transaction, we are committed to
enhancing shareholder value in the diagnostics services markets we
serve.”
About Torreya Capital
Torreya Capital is a leading corporate finance
advisory boutique serving companies in the life sciences industry.
Torreya has advised on a number of successful M&A transactions
in the diagnostics sector in recent years and brings strong
expertise and knowledge of this sector.
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, statements regarding exploring
alternatives in M&A and other business development
opportunities, 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: the lack of availability of
suitable alternatives; the risk that the exploration of any
alternatives will not result in a transaction being entered into or
consummated; market acceptance of our CombiPGD 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 both prenatal and developmental
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.
Company Contact: |
Investor Relations Contact: |
Mark McDonough |
LHA |
President & CEO,
CombiMatrix Corporation
|
Jody Cain |
(949)
753-0624 |
(310) 691-7100 |
|
jcain@lhai.com |
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