Sunnyvale, June 17, 2019 (GLOBE NEWSWIRE) -- Arrayit Corporation (OTC: ARYC), a life sciences and personalized medicine company, in accordance with the provisions of the Business and Professions Code has received licensure extension from the California Department of Public Health (CDPH) to operate a clinical laboratory in the State of California into 2020. This valuable commercial entitlement requires compliance with all state and federal clinical laboratory regulatory requirements including high level performance on proficiency testing and outstanding resulting of the company’s allergy and dietary wellness testing services. CDPH ensures public health for individuals, families and communities by confirming proper clinical laboratory operation from its healthcare providers in the nation’s most populous state, comprising 39 million residents and an annual healthcare expenditure topping 294,000,000,000 ($294 billion).
Arrayit recently completed an allergy testing pilot program for a top retail chain, established a nationwide network of 1,700 allergy sales professionals, met with top officials at the United States Food and Drug Administration (FDA) regarding approval of a major product line, fulfilled an FDA clinical instrumentation contract, received approval for in-store promotions by a major retailer, announced allergy testing partnerships with major allergy therapeutics providers, received approval for direct Medicare billing by the Centers for Medicare and Medicaid Services, launched the Patient Data Solutions allergy portal for doctors and clinics, celebrated 25 years of company operations, announced an allergy testing services agreement with a major health and wellness provider, provided a letter to shareholders from the company’s Chief Executive Officer, received endorsement by First Pediatrics Medical Group, announced in-network allergy testing services contracting with a top five commercial health benefits company, doubled its weekly billing guidance to $2 million per week, appointed an Apple enterprise healthcare partner to accelerate revenues and earnings growth, expanded allergy testing services evaluation with a major retail pharmacy chain, grew its allergy testing healthcare network to more than 700 clinics, retained a top credentialing company to accelerate commercial and government payor reimbursement, aced five consecutive rounds of proficiency testing with a top proficiency testing leader and signed an in-network allergy testing services agreement with a major California-based health benefits company. CDPH licensure extension into 2020 is expected to substantially facilitate quarterly and fiscal year 2019 and 2020 revenues and earnings, which will be reported in the company’s upcoming audited financial statements.
CEO Rene Schena states, “Clinical licensure extension by the California Department of Public Health demonstrates the outstanding operation of our clinical laboratory and fits nicely with in-network contracting with a major California-based health benefits company. These important commercial entitlements accelerate our healthcare growth trajectory, which is being fueled by increasing physician-prescribed demand for our finger stick allergy and asthma testing services in state and federal healthcare markets.”
About Arrayit
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the research, biotechnology, pharmaceutical, clinical and healthcare sectors through the discovery, development and manufacture of proprietary life science and personalized medicine products and services to advance biomedical research and improve human health and wellness. Please visit www.arrayit.com for more information.
Safe Harbor Statement
We have identified forward-looking statements by using words such as "expect", "believe", “would". Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's public filings.
CONTACT
Investor Relations
Arrayit Corporation
Tel: 408-744-1331
Email: arrayit@arrayit.com
Web: www.arrayit.com
Investor Relations
Arrayit Corporation
Tel: 408-744-1331
Email: arrayit@arrayit.com
Web: www.arrayit.com
