Arrayit Corporation (ARYC) leads and empowers the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. - Powerful Science for Life
Corporate - Media & Press - Press Release
Arrayit Corporation Increases Weekly Guidance for Doctor-Prescribed Allergy Testing Clinical Services
By GlobeNewswire, March 11, 2019, 05:30:00 AM EDT: Source Arrayit Corporation
Sunnyvale, March 11, 2019 (GLOBE NEWSWIRE) -- Arrayit Corporation (OTC: ARYC), a life sciences and personalized medicine company, increases weekly guidance for medical billing associated with its physician-prescribed allergy testing services from $1,000,000 ($1 million) per week as presented in the December 31 2018 CEO Letter to Shareholders, to $2,000,000 ($2 million) per week effective immediately. The 100% weekly guidance increase from $1 million to $2 million per week for fiscal year 2019 (FY2019) is based on medical billing growth during the first quarter of FY2019, the number of new clinics being added to our Patient Data Solutions portal, and the rate of allergy testing services adoption in the marketplace. Arrayit allergy testing services, which empower doctors to identify, manage and treat allergy and asthma using simple finger stick blood sampling, are raising the standard of care among the estimated 60 million Americans who report annual allergy symptoms.
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, aced four consecutive rounds of proficiency testing, received endorsement by First Pediatrics Medical Group, doubled the number of clinics in its nationwide network to more than 400, and announced in-network allergy testing services contracting with a top five commercial healthcare benefits company. The contribution of the $2 million per week increased guidance for allergy testing services billing to revenues and earnings will be detailed in the company's upcoming quarterly and annual FY2019 financial filings.
CEO Rene Schena states, "We are pleased to increase our weekly billing guidance for allergy testing services in concordance with increasing awareness and utilization among doctors and patients of our innovative finger stick allergy test to pinpoint food and environmental allergies. Our non-invasive sampling, highly automated test processing and rapid electronic reporting and billing function in concert to provide a doctor-ordered personalized and preventative healthcare experience that is seamless and satisfying to the patients and payors we serve."
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 wellness and human health. Please visit www.arrayit.com for more information.
Safe Harbor Statement
We have identified forward-looking statements by using words such as "expect", "believe", and "should". 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.
Copyright 1993-2019 Arrayit Corporation. All rights reserved.