This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
IRVINE, Calif., April 4, 2013 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX), a molecular diagnostics company performing DNA-based testing services for developmental disorders and cancer diagnostics, today announced that it expects to report record volumes of prenatal testing in the first quarter ended March 31, 2013. Preliminary quarterly growth rates of 124 percent over the first quarter of 2012 were achieved for billable prenatal tests.
The continued rapid growth in prenatal testing is the result of CombiMatrix's strategic shift in mid-2012 to focus its commercial resources primarily on the prenatal molecular diagnostic testing markets, where the Company believes that chromosomal microarray analysis (CMA) is becoming the standard of care. This strategy is supported by a pair of National Institute of Health-sponsored studies published in the
New England Journal of Medicine in late 2012, which favored CMA over traditional karyotyping for genetic prenatal diagnosis and genetic evaluation of stillbirths. Many experts believe that these publications marked the onset of a paradigm shift toward CMA. CombiMatrix is the only publicly-traded company that specializes in CMA.
The Company also announced that it was expanding its technology offerings to continue to capture market share and serve the expanding volumes. By recently incorporating Single Nucleotide Polymorphisms (SNPs) in its array testing, the Company has significantly expanded its ability for studying variations between whole genomes, which is crucial in providing resolution to its customers.
"We have been setting internal growth records since we refocused our commercial strategy, and now we are expanding our lab capabilities to realize our goal of being a best-of-class prenatal technology lab," said CEO Mark McDonough. "With the technologies to match any lab and the focus of our new prenatal strategy, we anticipate continued strong progress throughout 2013 and beyond."
Overall billable testing volumes at the Company, including its de-emphasized oncology segment, were also up strongly in the period, growing 25 percent in the quarter over 2012. CombiMatrix expects to report its operating results in early May, 2013 and file its quarterly report for 2013 on Form 10-Q in mid-May, 2013. The Company will issue a press release and hold an investor conference call to discuss results.