IRVINE, Calif., April 11, 2011 (GLOBE NEWSWIRE) -- CombiMatrix Corporation (Nasdaq:CBMX) announced today that it has entered into a strategic partnership with Clarient, Inc., a GE Healthcare Company, that allows Clarient the right to commercialize the CombiMatrix DNAarray™ product portfolio. The DNAarray tests are based on aCGH technology, which provides physicians a comprehensive genomic profile of solid cancer tumors and blood-based cancers, helping to better guide patient treatment decisions.
While conventional test offerings such as cytogenetics, immunohistochemistry (IHC) and fluorescence in-situ hybridization (FISH) are well established in the routine diagnostic work-up for tumors of many cancer patients, array-based genomic testing from CombiMatrix provides a high resolution, genome-wide molecular view of critical DNA copy number changes that cannot be obtained from traditional testing methodologies.
"We are excited about strengthening our relationship with the Clarient team and working together towards increasing clinical acceptance of our DNAarray platform," stated R. Judd Jessup, President and CEO of CombiMatrix. "Clarient's leading position in pathology and oncology is a perfect complement to our leading-edge oncology testing products and services. Our new collaboration calls for cooperative sales and marketing between our companies and also allows for an active relationship between the medical and scientific teams, which over time we believe will help to drive both the commercial adoption of DNAarray testing and the development of new companion diagnostics in the oncology space," concluded Mr. Jessup.
The relationship grants Clarient exclusive rights to commercialize oncology-related tests among commercial laboratories, based on certain minimum levels of sales. The DNAarray tests are utilized for both prognostic and predictive purposes, and can help identify therapeutic targets that are directly associated with FDA-approved chemotherapeutic agents, as well as therapies that are being utilized in large scale biopharmaceutical clinical trials.
This collaboration comes at a time when CombiMatrix is preparing its launch of the DNAarray Oligo 180K Heme Profile, which utilizes content that has been endorsed by the Cancer Cytogenomics Microarray Consortium, the leading authority for the standardization and collaboration amongst array-based platforms in the hematology-oncology diagnostics market. The new platform was designed to query thousands of cancer-specific oncogenes in conjunction with its genome-wide backbone coverage. CombiMatrix believes this new platform provides an important complement to Clarient's extensive molecular diagnostics menu in oncology, and is a direct fit in its continued leadership role in the field of personalized medicine. The collaboration will also allow the companies to engage in further research endeavors and to co-develop reporting tools that will ultimately empower physicians to make more informed treatment decisions for their cancer patients.
About CombiMatrix Corporation
CombiMatrix Corporation, through its wholly owned subsidiary, CombiMatrix Diagnostics, is a CAP/CLIA certified molecular diagnostics laboratory offering comprehensive profiling of chromosomes and genes for both oncology and pre- and postnatal developmental disorders. CombiMatrix Diagnostics offers a comprehensive and proprietary analysis of cancer tumors at the DNA, or molecular level. CombiMatrix was the first commercial clinical laboratory in the United States to make comprehensive DNA-based genomic analysis of solid tumors, including breast, colon, lung, prostate and brain tumors, available to oncology patients and medical professionals. CombiMatrix also offers pre- and postnatal testing services for the detection of abnormalities of genes at the DNA level beyond what can be identified through traditional technologies. Additional information about CombiMatrix Corporation is available at www.combimatrix.com. Additional information about CMDX is available at www.cmdiagnostics.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," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "aim," "prepare," "working towards," "help," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words and include, but are not limited to, statements regarding the anticipated benefits of a partnership with Clarient, efforts to market our genetic profile tests for cancer, development of a comprehensive and cutting-edge portfolio of oncology testing, the impact of our tests on patient care, increasing clinical acceptance and commercial adoption of our tests, and the development of new companion diagnostics and reporting tools in the oncology space. 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 volumes at which Clarient sells our genetic profile tests for cancer, the success of Clarient's efforts to market our tests, the accuracy of our tests, the degree to which our tests are clinically accepted and commercially adopted, the ability to develop new companion diagnostics and reporting tools in the oncology space, the ability to successfully launch our DNAarray Oligo 180K Heme Profile, the ability of CombiMatrix and Clarient to achieve synergies with a molecular diagnostics menu in oncology, the recent economic slowdown affecting technology companies, 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: R. Judd Jessup President & CEO, CombiMatrix Corporation Tel (949) 753-0624 Investor Relations Contact: Matthew H. Clawson Partner, Allen & Caron, Inc. Tel (949) 474-4300 firstname.lastname@example.org