Boston, MA 06/26/2013 (wallstreetpr) – CombiMatrix Corporation (NASDAQ:CBMX) is a molecular diagnostics company which performs tests based on DNA for developmental disorders and cancer diagnostics. The company has announced that its recent analysis named Chromosomal Microarray Analysis (CMA) tests for miscarriage analysis has received approval from New York State’s Department of Health with certain conditions for testing on patient samples from the state.
“As approved under the conditional license, we will now begin to sell directly to customers and to seek distribution partnerships to leverage our internal sales force.”
The Company’s CMA test for miscarriage analysis is also called a Product of Conception (POC) test which is currently the fastest growing test in terms of volumes. CombiMatrix has earlier announced on June 18th of June, 2013 that volumes from both of its existing CMA tests have increased significantly in the past six months, after the data’s have been published by the two National Institutes of Health (NIH) studies. The data signifies the superior efficiency and capability of CMA over traditional karyotyping, which helps them to identify clinically significant genetic abnormalities.
CombiMatrix’s CEO Mr. Mark McDonough was pleased to inform that receiving the conditional license for CMA is a step to achieve their milestone. The company is eagerly waiting for the final approval of the test (CMA), so that the same can be made available in the market. The sales of POC test subjected to final approval will help the company to reach many other milestones. The POC test success will add to the company’s growth and thereby maximizing the shareholder’s wealth. The company is looking forward to sell the POC test directly to the customers and is planning to hire distribution partners for the same along with their internal sales team. The company is expecting to be a grand opportunity for them to capture the market and record higher revenues and profits.
The company’s stock after receiving the approval has shown a surge of 42.75% to close at $3.84 from its previous day’s closing at $2.69.