IRVINE, Calif. and LAKE FOREST, Calif., March 24, 2015 /PRNewswire/ -- CombiMatrix Corporation (NASDAQ: CBMX) and Cryoport, Inc. (OTCBB: CYRX), today announced CombiMatrix has selected Cryoport as its cryogenic logistics partner for the distribution of its new CombiPGS™ genetic screening test.
Cryoport is the leader in global cryogenic logistics for frozen eggs, embryos, and sperm serving the reproductive medicine market. Cryoport works with more than 260 clinics in the United States in addition to clinics in more than 80 countries worldwide. In addition to normal lanes of traffic, Cryoport has successfully shipped thousands of samples to locations as diverse as Nepal, Malaysia, and Vietnam. The Company's logistics network is validated and has the required expertise to manage cryogenic logistics for reproductive medicine samples on a global basis.
CombiMatrix, based in Irvine, Calif., is one of the leading clinical diagnostic laboratories specializing in cytogenomic testing for prenatal diagnosis, miscarriage analysis, and pediatric developmental disorders. CombiPGS™, the preimplantation genetic screening (PGS) test offered by CombiMatrix, helps increase the chances of having a viable pregnancy. CombiPGS is used by intended parents wanting to increase implantation rates when undergoing IVF treatment, improving live birth rates, reducing the risk of miscarriage, or increasing the confidence of embryo selection for single-embryo transfer.
"We are looking forward to working with Cryoport," said Mark McDonough, President and Chief Executive Officer of CombiMatrix. "The sensitivity of our tests requires across the board reliability, which is also a strict mandate for all of our partners. CombiMatrix has built a reputation as a high touch, high complexity molecular diagnostics laboratory, and we choose partners that will help us continue to deliver phenomenal service to our physician customers and their patients. Cryoport's validated cryogenic logistics solutions give us great confidence that our CombiPGS service will have dependable access to the global market."
Jerrell Shelton, Chief Executive Officer of Cryoport, stated, "Our relationship with CombiMatrix further extends our commitment to the field of reproductive medicine including IVF clinics. We think CombiMatrix's ability to enable preimplantation genetic screening paired with our superior global cryogenic logistics competencies for the IVF market dramatically enhances the support of intended parents."
About Cryoport, Inc.
Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. It provides leading edge logistics solutions for biologic materials such as immunotherapies, stem cells, CAR-T cells, and reproductive cells for clients worldwide including points-of-care, CRO's, central laboratories, pharmaceutical companies, contract manufacturers, and university researchers. Its packaging is built around our proprietary Cryoport Express® liquid nitrogen dry vapor shippers, which are validated to maintain a constant -150°C temperature for a 10 day dynamic shipment duration. Its information technology centers around our Cryoportal™ Logistics Management Platform, which facilitates management of the entire shipment process. Cryoport is the preferred cryogenic logistics solutions partner to the world's largest shipping companies controlling more than 85% of the world's air shipments. For more information, visit www.cryoport.com.
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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 screening (PGS), prenatal diagnosis, miscarriage analysis, 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.
Forward Looking Statements
Statements in this news release which are not purely historical, including statements regarding Cryoport, Inc.'s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, and technical development risks. The company's business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2013. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
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 our ability to successfully commercialize our PGS test offerings into the IVF market-. 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: our ability to expand into new geographic markets, our ability to execute on our third-party payor strategy, 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.
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SOURCE Cryoport, Inc.; CombiMatrix Corporation